To fully answer the question of whether or not we understand the media we use in our daily lives i think identifying that media is the first step in reasoning towards an answer. So the first question that must be answered is what media do we use in our daily lives? Whether it's television, radio, magazines, newspapers, or cell phones, the media is constantly throwing information and ideas at the public, especially in the United States.
Therefore if we are not to pose the question of what the media impacts in regards to society, we can look at a number of impacts. The media has a very large impact on society. One obvious example is the the pressures on not only women, but men, to be either very thin or extremely in shape. The media has a huge impact on what any average American wears everyday and what they eat every day.
The next question that needs an answer is whether or not the economy is affected by the media. Of course the economy is affected! Every commercial on television for the latest cell phone or hybrid car can cause a surge of buyers who want to "keep up with the Jones'" as they say, or in other words stay ahead or at least with the newest technology.
My personal media usage consists of many of the types that I have already mentioned earlier. My own usage includes online newspapers including the New York Times and the Boston Globe, television, radio, and many different types of magazines.