THE ECONOMICS OF SPORTS
CERTIFICATION EVALUATION EXAMS SET
FULL QUESTIONS AND COMPLETE
SOLUTION
●● Public finance
Answer: Study of how government authorities provide goods and
services and how they pay for them
●● Labor economics
Answer: Study of how labor markets determine the levels of
employment and salaries
●● Scarcity
Answer: Limited resources are insufficient to meet the unlimited wants
and needs of individuals etc.
●● Resource allocation
Answer: Distributing and managing by limited resources among
competing needs or demand
●● Individual team demand
Answer: As price rises attendance falls
, ●● Quantity demand
Answer: Specific amount that will demand per unit as a specific price
●● Quantity supply
Answer: Specific amount that will be produced per unit of time at a
specific time
●● equilibrium
Answer: when a system reaches equilibrium, no tendency to move away
from that position
●● market failures
Answer: unrestricted operations of markets generally create the most
value expectations
expectations:
* restricted competition- there are imperfect conditions and restricted
entry, the price will not be the competitive one
* externalities- when an action or transaction affects others, cost and
benefits are not properly internalized by the price system
* public goods- some are nonrivalrous and nonexclusive, therefore
unprovided
* informational problems- asymmetric
* common pool problem- property rights issue
CERTIFICATION EVALUATION EXAMS SET
FULL QUESTIONS AND COMPLETE
SOLUTION
●● Public finance
Answer: Study of how government authorities provide goods and
services and how they pay for them
●● Labor economics
Answer: Study of how labor markets determine the levels of
employment and salaries
●● Scarcity
Answer: Limited resources are insufficient to meet the unlimited wants
and needs of individuals etc.
●● Resource allocation
Answer: Distributing and managing by limited resources among
competing needs or demand
●● Individual team demand
Answer: As price rises attendance falls
, ●● Quantity demand
Answer: Specific amount that will demand per unit as a specific price
●● Quantity supply
Answer: Specific amount that will be produced per unit of time at a
specific time
●● equilibrium
Answer: when a system reaches equilibrium, no tendency to move away
from that position
●● market failures
Answer: unrestricted operations of markets generally create the most
value expectations
expectations:
* restricted competition- there are imperfect conditions and restricted
entry, the price will not be the competitive one
* externalities- when an action or transaction affects others, cost and
benefits are not properly internalized by the price system
* public goods- some are nonrivalrous and nonexclusive, therefore
unprovided
* informational problems- asymmetric
* common pool problem- property rights issue
