Radio advertising would be impossible without radio. Radio waves were discovered and studied by Heinrich Hertz in 1867 (Schoenherr, 2001). Guglielmo Marconi invented a transmitter in 1894 and established the first telegraphy and wireless transmission company in 1897 (Schoenherr, 2001). Reginald Fessenden of Canada invented the continuous wave voice transmitter and sold it to Westinghouse in 1910. Several amateurs began broadcasting information ranging from music to news over the airwaves as soon as crystal radio receivers became available , between 1912 and 1921 (Schoenherr, 2001). Due to the Titanic disaster, all ships were required to have radios and radio operators on board. RCA began mass-producing radios in 1919 (Schoenherr, 2001). NBC was founded in 1926 and was producing a network of 47 stations by 1928. Today, television has the largest audience, radio is more regional, and newspapers are the most local. Radio advertising offers businesses advantages over other media. It reaches a wide audience, with high targeting capacity and low cost. Radio advertising costs significantly less than television advertising. A television commercial can cost $50,000 to produce. A similar radio ad will cost closer to $1,500 (“Direct Response Radio,” nd). A typical 60-second radio spot can cost $100. A 60-second television commercial 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,” nd). Radio has greater targeting capacity depending on the programs. Some types of music are more popular with teenagers and others with people over 60. There are programs that target women, Hispanic listeners, or adults ages 35-44. Radio advertising has the ability to drive online traffic to support sales. Finally, statistically speaking, radio listeners spend on average more per purchase than TV infomercial buyers ($148 versus $98) (“Direct Response Radio,” n.d.). Two different economic systems were tried around the world during the 20th century. Both the command economy and the market economy have been tried by different countries around the world. A command economy is basically socialism in which 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 desired goods and services. The market attempts to satisfy the customer in exchange for a profit. Market economies are now recognized as the most desirable.