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?