CMN 1160 Study Guide - Final Guide: Meritocracy, Natural Monopoly, Democratic Ideals

• School: University of Ottawa
• Department: Communication
• Course: CMN 1160
• Professor: Daniel Pare

Document Summary

Two media market work simultaneously: market for advertisement, audience. The media economist robert g. picard identifies four groups served by the media: owners, audiences, advertisers, and workers-to which we would add a fifth: governments. An economic system in which all or most the resources or means of production and distribution, such as land, inputs, factories, telecoms are privately, inputs, factories, telecoms are privately owned and operated for profit. Fully competitive markets/ perfect information as inputs and outputs of production. Through human pursuit of rational self-interested behavior the production, consumption and circulation, consumption and circulation of goods will be most efficient, provide for all wants. Monopoly: single frim dominates production and distribution in a particular industry, either locally or nationally. Oligopoly: handful of companies dominate an industry, locally or nationally. Market externalities: economic costs and benefits that are not accounted for by the immediate transaction between buyer and seller: value of cultural works to society.