CMST 1A03 Chapter Notes - Chapter 9: Monopolistic Competition, Oligopoly, Economism
6 Apr 2016
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Chapter 9: ownership and the economic of media. Political economy: examines the production, distribution and consumption of resources including communications and information resources. Labour: requirements can be one person or hundreds need for specialized skills. Returns can include revenue, power, influence, and prestige. Digitization has allowed companies to downsize staff and outsource labour. Links media economy to other industries; digitization reducing need for material resources and barrier to entry. Is supporting fringe cultural interests subsidizing the tastes of the elite. Market externalities- economic costs and benefits that are not accounted for bt the immediate transaction between buyer and seller. Pure competition: conglomeration-has multiple companies in different sectors under one parent, diversification- involved in different sectors/markets. Helps make money in some markets/industries when others experience downturns. Vertical- all in the chain of production (value chain) Disney- walt disney pictures (film production), buena vista (film distribution) Shaw- cable tv channels: food network diy, tyv, w, showcase etc: internationalization.
