Title: Explain the concept of supply and demand.
Course: Sports and Entertainment Marketing (12163-I) > Section: Describing the Economics of the Industry

Explanation should include

- a definition of supply and demand with examples from sports and entertainment
- the relationship of supply and demand to price and value associated with the sports and entertainment industries.

Process/Skill Questions:

- What factors affect the price of sports and entertainment events?
- What would increase the demand for sports and entertainment events?
- How does the condition of the economy affect demand for sports and entertainment products and services?
- What is the equilibrium price?