ECONOMICS IN SPORTS/ENTERTAINMENT

This occurs when prices rise faster than consumer income.

Takes the risk of owning and operating the business.

Price goes up demand goes down, and when price goes down demand goes up

Created by having a product or service available when it is needed or wanted

Consumers must pay attention to what is selling at a profit and what is not

Periods of moderate demand for theme parks and other attractions are called

Approximately 590,000 people visited England for the 2012 London Olympics. The long term impact

Difference between our limited resources (money) and our unlimited needs and wants.

Anthony Rizzo , first baseman for the Cubs. He would be considered to be

Measure of goods & services produced using labor/property located in a country

TV programs that are popular will attract more advertising revenue

The quantity of a product that consumers are willing and able to purchase and the price.

During this phase of the business cycle there is growing demand for goods and services

When prices rise, consumers are encourage to buy more of the product

NFL fans are considered to be:

Money used to build it would be considered which one of the 4 economic resources?

Consumers have a limited amount of money to spend on sports & entertainment.

Which sport is the largest live spectator sport in the world in terms of average?

Jerry Jones and the other 32 owners of the NFL are considered to be:

Period when unemployment is very low and consumer confidence is very high.

A new 18 hole golf course

New Orleans hosted the 2013 Super Bowl where visitors spent $434 million...an example of?

All economies in the world are really mixed economies

What to produce, how to product, and for whom to produce

Hosted the 2010 FIFA World Cup.

Scarcity forces everyone to make economic choices

This is the high point of economic growth

Refers to the ups and downs of the economy

Equilibrium is usually achieved and surpluses/shortages are uncommon.

A country’s ?? system is classified based on how the country satisfies needs

The quantity of a product that producers are willing and able to provide and the price.