L01 Financial Issues in Sports

L01 Financial Issues in Sports - Financial Issues in Sports...

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    Financial Issues in Sports Lecture 1
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    What is finance? Where does it fit? Accounting- the principles or practice of  systematically recording and interpreting  financial accounts Economics- Social Science studying choice in  regard to resource use and consumption Assumption is that we optimize in our  decision making e.g. profit maximization
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    Resources Labor, Natural Resources, Capital Ownership of a resource is an  asset The value of a resource is  indicated by money
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    Finance   The study of optimal choices (in regard to the  allocation of resources)  over time Optimization issue is wealth maximization Financial choices make use of accounting  data Key to decisions Evaluation of risk and return
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  Costs: Accounting and  Economic/Finance Accounting costs include only direct  financial outlays:  Rent, wages, taxes, etc. Economic/Financial costs also include 
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L01 Financial Issues in Sports - Financial Issues in Sports...

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