Economics & Law.docx - Exam#2 Review(Economics Law Chapter...

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Exam #2 Review (Economics & Law) Chapter 3.1-3.3 1. Sources of Media Revenue (Consider different media types) 1. Publishers=selling books, especially best sellers – Television=advertisements – Newspapers=subscriptions 2. Advertising, Consumer sales (books, recorded music, and movie industries) 3. Newspapers have been hit the hardest with the decline of advertising 4. Paywalls – readers can access content without a paid subscription 2. Capitalism v. Socialism 1. Capitalism is the profit-driven system 2. Venture capitalists buy a stake in a company to help position it for success and gain market position 3. Socialism is governed by a community 3. Consolidation/Conglomeration 1. Conglomeration – begins with a single entity that becomes more than one and grows tremendously due to taking risks (giants in the business world) 2. Consolidation – buying competing media companies into a bigger media company 4. Concentration (Definition & Impacts) 5. Monopoly, Duopoly & Oligopoly 1. Oligopoly – few companies now dominate a market through smaller firms (downside: tends to reduce diversity and editorial independence) 6. Antitrust Laws – regulates the conduct and organization of business corporations to promote fair competition for the benefit of consumers 7. Civil v. Criminal Law 8.

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