Title: Explain economics and its relation to the sports and entertainment industries.
Course: Sports and Entertainment Marketing (12163-I) > Section: Describing the Economics of the Industry

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?