Economics

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Economics

  1. 1. Price Strategy Economics of Sports
  2. 2. Economy <ul><li>Economics – </li></ul><ul><li>The study of human behavior regarding the allocation of scarce resources to meet their unlimited wants, needs, and desires </li></ul><ul><li>Marketing – </li></ul><ul><li>the process of developing, promotion, and distributing products to satisfy customer’s needs and wants </li></ul>
  3. 3. Resources <ul><li>Land </li></ul><ul><li>Labor </li></ul><ul><li>Capital </li></ul><ul><li>Entrepreneurship </li></ul><ul><li>Are these resources accounted for an a professional sports league? </li></ul>
  4. 4. Economic Questions <ul><li>What should be produced </li></ul><ul><li>How should it be produced </li></ul><ul><li>For whom should it be produced </li></ul><ul><li>How much should be produced </li></ul>
  5. 5. Types of Economies <ul><li>Market – no government involvement </li></ul><ul><li>Command - total government control </li></ul><ul><li>Mixed – combination of both </li></ul>
  6. 6. Role of Government <ul><li>Provide services </li></ul><ul><li>Support business </li></ul><ul><li>Regulator </li></ul><ul><li>Competitor </li></ul>
  7. 7. Role of Consumers <ul><li>Pick the winner </li></ul><ul><li>Assist in determining price </li></ul>
  8. 8. Supply <ul><li>Supply – the amount producers are willing to make available </li></ul><ul><li>Law of Supply – If demand is held constant, an increase in supply leads to a decreased price, while a decrease in supply leads to an increased price. </li></ul>
  9. 9. Demand <ul><li>Demand – the amount consumers are willing to buy </li></ul><ul><li>Law of Demand - If supply is held constant, an increase in demand leads to an increased market price, while a decrease in demand leads to a decreased market price. </li></ul>
  10. 10. Supply and Demand <ul><li>Surplus – supply is higher than demand </li></ul><ul><li>Shortage – demand is higher than supply </li></ul><ul><li>Equilibrium – demand and supply is equal </li></ul>
  11. 11. Supply and Demand Price Quantity Demand Supply
  12. 12. Decrease in Demand Price Quantity Demand Supply
  13. 13. Increase in Demand Price Quantity Demand Supply
  14. 14. Supply and Demand Price Quantity Demand Supply
  15. 15. Decrease in Supply Price Quantity Demand Supply
  16. 16. Increase in Supply Price Quantity Demand Supply

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