14 notes.pdf - Chapter 14 Finance and economics in the...

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Unformatted text preview: Chapter 14: Finance and economics in the Sport Industry • growth of segment: last decade mens pro leagues have seen income increased by 10% • financial problems in segment: gap between large market and small market • revenue sharing: • formula for profitability: profit = total revenues - total costs • (in)ability to control spending: leading cause for substantial operating losses Economics of sport: • scarcity- resources are insufficient to meet the demands • economic interaction- the exchange of one product of value for another • two areas of study• macroeconomics• microeconomics- Microeconomics: • economic models explain behavior of individual business and households • models describe how markets operate Economic impact of sport events and facilities • sport events bring a substantial amour of economic activity • spending stimulates local economies • sport economic impact studies - estimates of the change in net economic activity in a community - measure the increase in revenues, tax dollars, and jobs attributable to a sport event or facility ...
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