Final answer:
The impact of advertising is substantial economically and socially. It boosts consumer demand and competition, shaping monopolistic markets and influencing social behaviors and values through widespread and synergistic messaging.
Step-by-step explanation:
The impact of advertising on both the economic and social landscape is profound. Economically, advertising drives consumer demand and competition, as seen with the significant expenditure of $180.12 billion on advertising in the U.S. in 2014. Notably, this influences monopolistic competition by enabling companies to differentiate their products, attracting customer attention in a crowded marketplace.
On the social front, the pervasive nature of advertising - via television, internet, and mobile devices - affects societal values and consumer behavior. It can be a tool for social change, prompting positive behaviors like healthy eating or regular exercise. However, it may also contribute to consumerism and shape political opinions through campaign ads. Synergistic advertising across multiple platforms can amplify a single brand message, potentially both informing and overloading consumers.