Economics of Entertainment - Music - Hatboro

Name: ________________________
Show Business: The Economics of Entertaining – Climbing the Charts
Directions: Please select the green T so that all information shared will also appear in text
format at the bottom of the page.
*You must play the Bonus Track’s for questions 1, 4, 6, 7, 8, 9, 11, 14, & 15 in order to
correctly answer the following questions.
*1. What did PT Barnum, or the world’s greatest showman, specialize in?
2. What is voluntary exchange?
3. Where did buyers turn when the cost of CD’s became too high?
*4. How did recorded sound change the market for music?
5. What items have you purchased because of the incentives they offer(ed)?
*6. Specific musical styles were born out of ‘The Great Migration’ in cities like Chicago, New
York, and Detroit. What type of musical style came from each city?
What was the name of the bug which eventually forced workers to head north for jobs?
What 2 current day styles of music were a result of this movement?
R & B was also called ‘this’ music?
*7. What is intellectual property?
What are the 4 ways intellectual property rights can be protected?
How much money did Harvey Ball earn off of his ‘smiley face’ design?
*8. What was the name of the act passed which provided people with electricity? What year
was this act passed?
*9. What is the connection between high school and the market for music?
10. What is the exact cost breakdown when determining the cost of a CD?
Musicians’ Union
Publishing Royalties
Retail Profit
Artists’ Royalties
Label Profit
Label Overhead
Retail Overhead
*11. In your own words, define the economic principle, economies of scale:
12. What was Thomas Edison, circle the correct answer:
13. In what ways has the government allowed or provided for the music industry the
opportunity to
*14. What band helped force the music market to go global?
*15. What was the name of the 1st American commercial radio station?
What company, created by a 19 year old college student, changed the way people
could/were/do share music with one another?
Please circle the level you reached.
Garage Band
Super Star
Wedding Singer
Hall of Fame