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1.27.11 - (1.27.11 Economics of Advertising Economics in...

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(1.27.11) Economics of Advertising Economics in Relation to Advertising Hard to know the relationship between advertising and product service/sales. o Depends also on social, economical, & technical trends Hard to know the relationship between advertising and the economy What is a market economy? Also called a free market economy- an economic system in which the production and distribution of goods and service take place through the mechanism of free markets guided by a free price system. o Different degrees of free in the marketplace, but nothing is completely free (or not regulated) Businesses and consumers decide of their own volition (own choice) what they will purchase and produce Producer decides what to produce, how much, what to charge customers, what to pay employees, etc… not the govt o USA is closest to free market—but not completely… for example- minimum wage Theses decisions in a free-market economy are influenced by the pressures of competition, supply, and demand.
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