The Economics of the Media: A Behavioral Take

INTRODUCTION

Economics is the science behind the production and distribution of resources in a society . The main objective of this branch of social science is to create and allocate resources in the most efficient and cost-effective manner . Such a methodology is necessary and is highly valued because without models , policies and laws , the production and distribution of resources will be in complete chaos . More than affecting the spread of material wealth throughout society , economics is highly valued because it affects and prepares the conditions on which political , social , and other realms

are governed in a community . In the same way , various aspects affect the performance of key players in the economy , such as the welfare and behavior of producers and consumers . In to understand the behavior and predict responses of the society however , the best approaches make use of combined sciences such as economics and mathematics , economics and political science , economics and psychology , and others

The combined study of economics and psychology is often used in market research especially those conducted to derive standard behaviors of subjects or causal factors for an event . Through the integrated findings of economics and psychology , industries gain insight on their consumers They find out their needs and wants , their capacity to afford what is available in the market or how far they are willing to go to gather the resources needed to purchase particular goods and services . They are also able to estimate the longevity of marketed products based on the consumers ' tolerance...