The article "Media Economics: Applying Economics to New and Traditional Media" explores how economic principles can be applied to both new and traditional media. It covers topics like demand and supply, consumer behavior, production costs, revenue, profit, market structure, competition, pricing, advertising, labor markets, government intervention, and international trade. The main goal is to understand how economic concepts impact the media industry. The key findings include the importance of market structure, pricing strategies, and the role of government in regulating the media market.