Tuesday, July 10, 2007

Unit 1: The demand for music

This BBC clip shows the changing pattern of how the UK buys its music
< http://www.bbc.co.uk/mediaselector/check/player/nol/newsid_6280000/newsid_6284500?redirect=6284584.stm&news=1&amp;bbram=1&bbwm=1&nbwm=1&nbram=1 >

a) What economic term would you use to describe CDs and music downloads?
b) Using demand theory, explain the decrease in CD sales
c) Draw 2 diagrams to show the effect on the CD and singles download market
d) It is suggested that the record companies could generate more money from their artists via live gigs and merchandising. In economic terms, what is this relationship?

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