2dd3 midterm review media people vs media organizations vs media industries. Media: refers to an institution but is compromised of many different individuals, organizations and industries. Media people: millions of people of varying talent and occupations are employed in entertainment and news media around the world. eg. celebrities, producers, video editors, camera operators, stage and costume designers, etc. Media industries: most of the organizations belong to particular industries; most media are commercial in nature eg. the lm industry, music industry, etc. companies that want to make as much money as possible) capitalism and market competition. Under capitalism, goods and services are produced by pro t-maximizing, private rms (private. Market competitions is supposed to lead to cheaper prices and better quality products. Free-market capitalism is supposed to deliver more choices and more voices. Today, media industries are dominated by large, powerful companies - prices, conditions, selection, etc. are dictated by them (and protected by government licenses, policies, etc. ) conglomeration.