Explanation should include
- definitions of the major concepts of economics (e.g., scarcity, opportunity cost, trade-offs, incentives, monopoly)
- identification of the controllable economic factors (e.g., price, value)
- identification of uncontrollable factors (e.g., income, population).
Process/Skill Questions:
- How are the sports and entertainment industries affected by scarcity and opportunity cost? By trade-offs and incentives?
- How are the sports and entertainment industries affected by various controllable economic factors? Uncontrollable economic factors?
- How does the unemployment rate affect sports and entertainment industries?
- What economic impact can a professional sports team have on its community?
- Why are geographic factors a critical element in sports and entertainment economics?