Radio advertising would not be possible without radio. Radio waves were discovered and studied by Heinrich Hertz in 1867 (Schoenherr, 2001). Guglielmo Marconi invented a transmitter in 1894 and founded the first wireless telegraph and signal company in 1897 (Schoenherr, 2001). Reginald Fessenden of Canada invented the continuous wave voice transmitter and sold it to Westinghouse in 1910. Several amateur radio operators began transmitting information from music to news over the airwaves as crystal radio receivers became available from 1912 to 1921 (Schoenherr, 2001). Due to the Titanic disaster, all ships had to have radios and radio operators on board. RCA began mass-producing radios in 1919 (Schoenherr, 2001). NBC was founded in 1926 and by 1928 was producing a network of 47 stations. Today, television has the largest audiences, radio is more regional, and newspapers are more local. Radio advertising offers companies advantages over other media. It reaches a large audience, with high targeting ability and low cost. Radio advertising costs significantly less than television advertising. A TV commercial can cost $50,000 to produce. A similar radio ad will cost approximately $1,500 (“Direct Response Radio,” n.d.). A typical 60-second radio spot can cost $100. A 60-second TV spot will likely cost $100,000. In the United States, 13,000 radio stations reach 94% of the population over the age of 12 each week (“Direct Response Radio,” n.d.). The radio has a greater targeting capacity depending on the programs. Some types of music are more popular among teenagers and others more popular among people over 60. There are programs aimed at women, Hispanic listeners or adults between the ages of 35 and 44. Radio advertising has the ability to drive online traffic to support sales. Finally, statistically speaking, radio listeners spend more on average per purchase than TV commercial buyers ($148 vs. $98) (“Direct Response Radio,” n.d.). Two different economic systems were experienced in the world during the twentieth century. Command economy and market economy have both been experimented by different nations in the world. A command economy is basically a socialism where the government owns everything, producing and distributing goods and services through central planning (Perreault, Cannon, McCarthy, p.12). Market economies have consistently outperformed command economies. Distribution and production are determined by millions of people purchasing the goods and services they want. The market seeks to satisfy the customer in exchange for a profit. Market economies are now recognized as the most desirable.