chapter 14.pdf - Chapter 14 reading notes Collegiate...

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Unformatted text preview: Chapter 14 reading notes Collegiate athletics rising costs are an issue in collegiate athletics, they do not produce enough revenue to cover their costs Economics is one of the few academic disciplines that can be applied to almost any human action Scarcity the basic economic problem facing all institutions, including sport. A sport product is considered scarce if people want more of the product than is freely available for consumption Economic interaction the exchange of one product of value for another product of value Microeconomics the study of the behavior of individual business and households Demand the relationship between the price of a product and the amount of the product that consumers are willing to buy Law of demand consumers sill 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 Law and supply suppliers will increase production as the price of the product increases and decrease production Market equilibrium the price at which the quantity supplied of a product is great than the quantity demanded Market shortage a price at which the quantity demanded of a product is greater than the quantity supplied Sport economic impact studies analyses of how expenditures on sport teams, events, or facilities, economically affect a specific geographic region Financial management fall into two broad areas- determining what to do with current financial resources (money) and determining how to procure additional resources Balance sheet reflects the financial condition of the organization on a particular date Income statement provides the financial results of the organization s operations over specific period Revenues concessions, personal seat licenses, luxury suite rentals, booster club donation, parking fees profit = total revenues - total costs Texas= most participants in interscholastic athletics ...
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