CMNS 230 Lecture Notes - Lecture 3: Perfect Competition, Commodification, Making Money

• School: Simon Fraser University
• Department: Communication
• Course: CMNS 230
• Professor: Blake May Sylvia

Document Summary

Broadband, internet, and digital advertising is largest: global spending = , canadian spending = . 4. Social trends and traditions: trends that exist within your culture/society, customs and practices, styles, interactions, etc, media industries are impacted by culture and everyday trends. Mandates: reason why that product is being created, public mandates (creating product for good of people, commercial mandate (to make money, governmental mandate (sending a message to everyone) Practices: hierarchal structure of an office, different things that govern within creation of product. Idealized version of what markets are; perfect view. Buyers and sellers participate voluntarily and independently of one another; both take part in relationship willingly. Price elasticity: as price of something drops, the demand to have it increases : opti(cid:373)ize a(cid:373)ou(cid:374)t of (cid:373)o(cid:374)e(cid:455) (cid:455)ou(cid:859)(cid:396)e (cid:373)aki(cid:374)g. As something becomes more popular, more people want to be part of the market and competition increases: some will do well, others will fail, etc.