Combos are a way of maximising the minimum amount of cash a consumer will spend. Most food joints, movie theatres, etc. so cash in on combos.

Let me give you an example:
I went to one of those huge new theatres. Maybe it was a Silvercity. Anyhow, as with many other people, I often like to get popcorn and a drink when I go to see a movie. But, not being very hungry and knowing the high price of movie theatre food, I decided to get a small popcorn and a small Coke. Here's basically what happened:

ME:    Can I get a small popcorn and a small Coke, please?
THEM:  I'm sorry, sir. We don't have small sizes.
ME:    Uh.. well.. I guess I'll get a medium Coke and a medium popcorn then, please.
THEM:  Uh, sir.. for 25 cents more you can get our Extra Value Combo.
ME:    What is that? And how much is it?
THEM:  For $9.50 you get a large popcorn, a large Coke and a Mars bar. PLUS the popcorn and Coke are refillable.

So you're led to believe that the best 'option' is $9.50 for more food than you want. When, really, the best deal is to buy food ahead of time and sneak it into the theatre.

Another good example:
Pizza Pizza. Buy one pizza, get the next one for only a buck! But how much is one pizza? It's $13 & fucking 99¢.Buy two pizzas or spend way too much!

This isn't really a new concept. I mean, most places have always rewarded customers who buy more stuff. You buy more stuff, you get a better deal. But.. combos seem to be a little more sinister. You see, when combos are present, if you buy too little, you get punished.

A combo is also a combination of moves executed in rapid succession or a combination of button presses/joystick movements in video games of the fighting genre.
In skateboarding it is a way to maximise the amount of points you get in a competition, or just to show off. Combos are a string of tricks linked together, so if you start with a kickflip and end with a backflip (doubtful) then all tricks inbetween are included as one trick, and are multiplied.
ex. If you do a kickflip in a competition on its own it is worthless. If you do a kickflip and a pop shove it they add their stand alone worth and then multiply it by 2 for the difficulty. This is just an example, it wouldn't happen exactly like this in real life.

Flatland Techers, such as Rodney Mullen, string together long combos using manuals, Kaspers and flips. It can also be used in street to string together grinds.

A small musical group that plays jazz -- typically, a pianist, a base player, a drummer, and one or more "lead" insturments -- a trumpet player, for example, and a saxaphone player.

Combo jazz is improvised, even when it's not: during the head section, when the lead instruments play the melody of the song roughly verbatim, the rhythm section comes up with spontaneous accompanyment; during the solo choruses, in which each player in turn makes up a completely new melody to the chords of the original, the remaining players comp. Thus, because each player must continually respond to those around them, larger groups are unweildy.

The combo has been the typical jazz setting for the past half century, since bebop made its debut.

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