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Economics & Sports & Entertainment Marketing

Explore the fundamental concepts of economics, including choices, scarcity, and value. Learn about the basic economic problem, demand, and supply. Discover how consumers, businesses, and sports franchises make choices based on value.

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Economics & Sports & Entertainment Marketing

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  1. Economics & Sports & Entertainment Marketing

  2. What is economics? • Study of the choices and decisions that affect making, distributing and using goods and services.

  3. Basic Economic Problem: • Wants and needs are unlimited • Limited Resources (natural resources, capital, and equipment. land)

  4. Unlimited Wants & needs + Limited Resources ____________________ Scarcity

  5. BECAUSE OF SCARCITY, PEOPLE MUST MAKE CHOICES!!! • Consumers, Businesses & Sports Franchises make choices based on VALUE. • Value – using resources toward the greatest satisfaction of wants and needs.

  6. Demand: The relationship between how much a consumer purchases of a product and the price of the product. • Law of Demand: When the price of a product is increased, less will be demanded.

  7. Supply: Relationship between the quantity of a product that producers provide and the price of the product. • Law of Supply: When the price of a product is increased, more will be produced.

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