Monopolistic competition is an economic model that describes a market structure in which many sellers offer differentiated products that are close substitutes for one another.

Ticket sales from live performances are typically the largest source of revenue for musicians.

A publishing deal involves the transfer of music rights to a publisher or record label in exchange for an upfront payment and a share of future royalties.

Music managers are responsible for negotiating contracts with record labels, booking agents, and other entities on behalf of their clients.

Clubs are small to medium-sized venues that typically host live music performances.

Digital distribution refers to the process of making music available to consumers through online platforms.

The law of demand states that as the price of a good or service increases, the quantity demanded decreases, assuming other factors remain constant.

Promotion involves activities aimed at increasing awareness and interest in a music product or service.

Booking agents are responsible for negotiating and securing live performance opportunities for musicians.

Royalty splits determine how music royalties are distributed among the various parties involved in the creation and distribution of a music product.

Consumer theory is an economic model that analyzes the behavior of consumers in a market, including their preferences, choices, and demand for goods and services.

A synchronization license grants the right to use a music composition in a visual media production.

Business managers handle the financial aspects of a musician's career, including budgeting, taxes, and investments.

A master license grants the right to distribute and sell a music recording.

The law of supply and demand states that the price of a good or service is determined by the interaction between supply and demand.