Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/44

Click to flip

44 Cards in this Set

  • Front
  • Back
economics of sport
study of how people within the sport industry deal with scarcity
scarcity (a product is considered scarce if people want more of the product than is freely available for consumption
the basic economic problem facing all societies
goods
tangible products such as a pair of soccer cleats, a tennis racket, or a mountain bike
services
intangible products such as marketing advice, business consulting, and financial planning
economic interaction
exchange of one product of value for another product of value
macroeconomics
study of the problems and workings of the economy as a whole
real gross domestic product (GDP)
value of all goods and services newly produced in a country during some period of time, adjusted for inflation
business cycles
highs and lows in the level of economic activity over several years
expansion
a period of at leat three consecutive quarters in which positive economic growth occurs
recession
a decline in economic activity, or real GDP, that lasts for at least six months
peak
a point at which economic activity reaches a temporary maximum level
trough
a point at which economic activity reaches its lowest level
interest rate
amount that a financial institution charges when it lends money, stated as a percentage of the amount borrowed
inflation rate
percentage increase in the overall price level of goods and services over a given period, usually one year
microeconomics
the study of the behavior of individual businesses and households
demand
the relationship between the price of a product and the amount of the product that consumers are willing to buy
quantity demanded
the amount of a product that consumers are willing to buy at various levels
law of demand
consumers will demand less of a product as its price increases and more of a product as its price falls
supply
the relationship between the price of a product and the amount of the product that suppliers are willing to produce and sell
quantity supplied
amount that suppliers are willing to produce and sell at various levels
law of supply
suppliers will increase production as the price of the product increases and decrease production as the price falls
market equilibrium
the price at which the quantity demanded equals the quantity supplied
market surplus
price at which the quantity supplied of a product is greater than the quantity demanded
market shortage
a price at which the quantity demanded of a product is greater than the quantity supplied
perfectly competitive market
market that has a large number of suppliers and consumers
-all suppliers produce an identical product
-all parties have the same information
-suppliers can easily enter and exit the market
monopolistically competitive market
market that has a large number of suppliers and consumers
-all parties have the same information
-suppliers can easily enter and exit the market
-suppliers can differentiate their products
oligopolistic
small number of suppliers, greater control over prices, easier to make profits
monopoly
market where only one company sells the product (ex. NCAA men's championship)
economic expansion
must be growing for three consecutive quarters
economic recession
must be decreasing for six ongoing months
indirect economic impact
when the new money is spent in the local community by the recipients or businesses
induced economic impact
created by the circulation of wages and salaries paid by employeesof tourism related businesses
supply-demand model
determining what products can be produced and how much you can charge
markets
could be a physical location or an intangible idea such as stock exchange (the core of economic activity)
total exp = per day exp X length of stay X # of visits X # of visitors
total expenditures equation
future value= present value (1 + r) raised to the n
interest rate equation
profit = total revenue - total cost
profit equation
profit organizations
primary goal is to produce a profit
nonprofit organizations
pursuing profit as a primary goal is a violation of the law
sole proprietorships
similar to partnerships and there's only one owner
partnerships
teo or more owners and there is limited liability
corporations
have multiple owners who own stock in company (stock is not publicly available)
single-entity structure
allows leagues to work together and to set limits
cash flow
shos inflow and outflow of cash during a given period (not cash received or disbursed)
-focuses on items of value that are not cash in nature (depreciation)
-allows financial managers to monitor cash-related activity and make financial decisions