Review

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Review for Current Issues “Quizzy Poo” over the Media, Media Bias, and

Economics

Media and Media Bias

What is the News Media?

What are common sources of news?

Economics

Supply

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What does “supply” reflect?

How does the source of the news you consume influence the news you consume?

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Upward slope, where X = quantity and Y = price

Higher the price …?

Government Regulation of the Media = Federal

Communications Commission

Prevent monopolies

Investigate complaints

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Lower the price …?

Suppliers produce MORE when prices are high; why?

Demand Assure fair treatment / access to airwaves for political candidates and office holders

Trends in the Media -

What does “demand” reflect?

Journalism of Verification (traditional image of reporters tracking down story, confirming its accuracy, etc)

Journalism of Assertion (opinion journalism)

Journalism of Affirmation (politically biased reporting that confirms the viewer’s perception of the world)

Focusing coverage

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Downward slope, where X = quantity and Y

= price

The higher the price . . . ?

The lower the price … ?

Consumers demand MORE when prices are low; why?

Equilibrium between Supply and Demand -

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Remember, media producers are

BUSINESSES!!!

Focus by audience (appeal to young / old)

Focus by specialization (ESPN)

Focus by ideology (MSNBC = liberal; Fox

News Channel = conservative)

Media Bias

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What is bias?

If a survey shows apparent bias amongst journalists based on their voting record, does that prove media bias? Why or why not?

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Reflects intersection of S and D curves

Means that the amount of goods being supplied is exactly the same as the amount of goods being demanded

When this happens, everyone is happy! -

Why does this not happen in the real world?

Business Cycle & GDP

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Refers to shifts in the economy, over time

Measured by growth rate of Gross Domestic

Product (GDP)

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“Objective” news a post WWII concept

Throughout most of American history, news sources were biased

Whose responsibility is it to determine what the news means?

GDP = total market value of all goods and services produced in a period of time

Parts of the Business Cycle: Expansion, crisis, recession, recovery

How has the government influenced the business cycle since WWII?

Government Regulation of the Economy

Supported by liberals

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Economic regulations of prices, especially of agricultural prices

Anti-trust laws that seek to prevent business mergers that would result in limited competition

Other bases of government regulation

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Protecting public’s health and safety

Maintain clean, healthy environment

Prevent businesses from failing through bailouts, direct purchase of business by gov’t – appropriate purpose of gov’t regulation?

Deregulation

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Supported by conservatives

Fewer government rules on business

Arguments in support of deregulation

Less interference with free enterprise

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Regulation increases the cost of doing business

Is deregulation appropriate or not?

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