THE ECONOMICS OF SPORTS FINAL PAPER
TESTED QUESTIONS WITH VERIFIED
ANSWERS COMPLETE STUDY SHEET
●● How does the sports industry's revenue compare to Walmart and
Amazon?
Answer: The sports industry is big but not as big as Walmart and
Amazon, which have larger revenues.
●● What social impact does the sports industry have?
Answer: It generates huge media attention and creates shared social
experiences through large viewership numbers.
●● What is the significance of data availability in sports economics?
Answer: There are many points of data available, with every game
offering new data.
●● Define scarcity in economics.
Answer: A resource is scarce when there is a limited amount of it.
●● What is the study of economics primarily concerned with?
Answer: How society manages scarce resources and how people make
decisions regarding them.
,●● What is a trade-off in economics?
Answer: A decision made between two or more options due to limited
resources.
●● What does opportunity cost refer to?
Answer: The cost of the lost opportunity to pursue the best option when
facing a trade-off.
●● What constitutes a market in economics?
Answer: A group of buyers and sellers of a good or service.
●● What is a competitive market?
Answer: A market with many buyers and sellers where no single buyer
or seller can influence the market price.
●● What does the law of demand state?
Answer: As the price of a product increases, the quantity demanded
decreases, holding all else equal.
●● What is a demand schedule?
Answer: A table showing the relationship between quantity demanded
and price of a good or service.
, ●● What causes a shift in demand?
Answer: Factors such as changes in income, preferences, expectations of
future prices, and the number of buyers.
●● What is the difference between a normal good and an inferior good?
Answer: A normal good sees an increase in demand with an increase in
income, while an inferior good sees a decrease in demand with an
increase in income.
●● What is the law of supply?
Answer: As the price of a good or service increases, the quantity
supplied increases, holding all else equal.
●● What is a supply schedule?
Answer: A table showing the relationship between price and quantity
supplied.
●● What factors can shift supply?
Answer: Input prices, technology, expectations of future prices,
substitutes in production, and the number of sellers.
●● Define equilibrium in the market.
Answer: The point where the supply and demand curves intersect.
TESTED QUESTIONS WITH VERIFIED
ANSWERS COMPLETE STUDY SHEET
●● How does the sports industry's revenue compare to Walmart and
Amazon?
Answer: The sports industry is big but not as big as Walmart and
Amazon, which have larger revenues.
●● What social impact does the sports industry have?
Answer: It generates huge media attention and creates shared social
experiences through large viewership numbers.
●● What is the significance of data availability in sports economics?
Answer: There are many points of data available, with every game
offering new data.
●● Define scarcity in economics.
Answer: A resource is scarce when there is a limited amount of it.
●● What is the study of economics primarily concerned with?
Answer: How society manages scarce resources and how people make
decisions regarding them.
,●● What is a trade-off in economics?
Answer: A decision made between two or more options due to limited
resources.
●● What does opportunity cost refer to?
Answer: The cost of the lost opportunity to pursue the best option when
facing a trade-off.
●● What constitutes a market in economics?
Answer: A group of buyers and sellers of a good or service.
●● What is a competitive market?
Answer: A market with many buyers and sellers where no single buyer
or seller can influence the market price.
●● What does the law of demand state?
Answer: As the price of a product increases, the quantity demanded
decreases, holding all else equal.
●● What is a demand schedule?
Answer: A table showing the relationship between quantity demanded
and price of a good or service.
, ●● What causes a shift in demand?
Answer: Factors such as changes in income, preferences, expectations of
future prices, and the number of buyers.
●● What is the difference between a normal good and an inferior good?
Answer: A normal good sees an increase in demand with an increase in
income, while an inferior good sees a decrease in demand with an
increase in income.
●● What is the law of supply?
Answer: As the price of a good or service increases, the quantity
supplied increases, holding all else equal.
●● What is a supply schedule?
Answer: A table showing the relationship between price and quantity
supplied.
●● What factors can shift supply?
Answer: Input prices, technology, expectations of future prices,
substitutes in production, and the number of sellers.
●● Define equilibrium in the market.
Answer: The point where the supply and demand curves intersect.
