Economics & Sports & Entertainment Marketing. What is economics? Study of the choices and decisions that affect making, distributing and using goods and.

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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

ExampleUnlimited Wants/NeedsLimited ResourcesWhat 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.