Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Economics & Sports & Entertainment Marketing What is economics? • Study of the choices and decisions that affect making, distributing and using goods and services. Basic Economic Problem: • Wants and needs are unlimited • Limited Resources (natural resources, capital, and equipment. land) Unlimited Wants & needs + Limited Resources ____________________ Scarcity Example Unlimited Wants/Needs Limited Resources What is scarce? Lower Arena Basketball Tickets Thousands of fans wants lower arena tickets # of lower arena seats Tickets to games Six Flags As a customer you want to ride every ride in the park Time – On a Saturday, you may wait 2+ hours for a ride Time Cardinal Kroger Shopping You want 3 cookies, coke and Munchies You only have $1.00 Money Fantasy Football Draft You wanted to draft many high salaried players Only $65,000,000 Money • BECAUSE OF SCARCITY, PEOPLE MUST MAKE CHOICES!!! • Consumers, Businesses & Sports Franchises make choices based on VALUE. • Value – using resources toward the greatest satisfaction of wants and needs. • Demand: The relationship between how much a consumer purchases of a product and the price of the product. • Law of Demand: When the price of a product is increased, less will be demanded. • Supply: Relationship between the quantity of a product that producers provide and the price of the product. • Law of Supply: When the price of a product is increased, more will be produced.