Sport Finance Exam 1 Questions And Answers (Verified And Updated)
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Sport Finance
Sport Finance Exam 1 Questions And
Answers (Verified And Updated)
what is economics? - answer- the study of how people choose to allocate their scare
resources
- what and how choices are made
- how the market system functions
inflation - answerall costs of goods and services increase
demand-...
Sport Finance Exam 1 Questions And Answers (Verified And Updated) what is economics? - answer✔✔- the study of how people choose to allocate their scare resources - what and ho w choices are made - how the market system functions inflation - answer✔✔all costs of goods and services increase demand -pull inflation - answer✔✔incomes increase but supply remains constant cost-push inflation - answer✔✔production costs increase therefore costs increase recession - answer✔✔- slowdown in economic activity - 2 consecutive quarters of negative economic growth as measured by a country's GDP economies of scale - answer✔✔efficiencies made possible by size law of diminishing marginal utility - answer✔✔as more is purchased it will become less needed or less popular law of diminishing returns - answer✔✔more input does not equal more output (more advertising will not create same amount of demand) recession impacts on sport industry - answer✔✔- profes sional - paid internships down - ticket sales decreased - decline in tax revenue: impacts non profits unionism in the US - answer✔✔- formation in 1790's post revolutionary war - movement from custom/craft to mass production - industrial revolution: establi shed factories - collective bargaining: similar to union management process...deals with issues such as pay, fringe benefits, bonuses, working conditions, job security. microeconomics - answer✔✔- study of issues that occur at the firm level - supply, deman d, and pricing macroeconomics - answer✔✔- study of forces that effect numerous sectors of the overall economy at the community, national, regional, or global level - inflation, unemployment, and income command economy - answer✔✔government driven (soviet union, north korea, cuba) marketplace economy - answer✔✔marketplace driven factors of production - answer✔✔land, labor, capital, flow markets (factor, product) law of demand - answer✔✔- price goes down, d emand goes up - demand curve: inverse relationship law of supply - answer✔✔- price increases, supply might increase market structure: pure competition - answer✔✔many buyers and many sellers market structure: monopolistic competition - answer✔✔many sellers but stratified for product differentiation (restaurants, bookstores) market structure: oligopoly - answer✔✔few sellers or just a few large firms (automobile, telecommunications - Ma Bell) market structure: monopoly - answer✔✔no competition, no choice, any price charged, and government (tends) to break them up financial and economic factors affecting sport - answer✔✔- current economic cycle - television revenues - relationship between team and real estate holdings - push for sustainability - impact of poli tics on sport governance strategic plan - answer✔✔includes: - organizational objectives - organizational structure - recruitment/selection of personnel - evaluation process
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