Selling price- is the price paid by customers for the product
Markdown-is a reduction from original selling price
Gross margin-the difference between the selling price and the product cost
Profit- money available after cost and expenses have been paid
Basic Economic Question Notes
What will be produced?
Market economy- no government is answering the three
basic economic questions
People who have money
How will they be produced?
Command Economy- government ansers the three bas
Supply and demand Notes
Supply- the amount of good the produces ae willing and to produce
Demand- A customer willingness and ability to buy products
Buyers market=low prices
Law of supply and demand
The economic principle
Supply of a good or ser
Competition- The rivalry between two or more business to gain as
much of the total market sales or customers acceptance as possible.
Two or more retailers that employ different types of business
formats to sell the s
Bell ringer Notes
Who is your favorite entertainer?
My favorite athlete is Beyonc because
she loves to sing and she is a giver. I am
so excited because she always gives us
something that keeps us on our toes.
What is a current trend in the entertainment
Free enterprise-encourages individuals to start their own businesses with
limited government involvement
Freedom of ownership- the ability to choose a house, car, job ,or business
Risk-The potential for loss or failure
Profit-Money earned from conducting
Safety- providing the proper precaution to protect against harm,
failure,breakage or accident
Security- any measure taken to guard against crime of attack
Security Guards- are hired to protect venue and maintain order at event
Metal dectors- are devices t
Selling is the exchange of goods and services from producers to
Businesses and sponsors might purchase incentives,
media time, naming rights etc.
Sales of sponsored products should increase as a result of advertisement
at an event
Economic Foundation Notes
Economics- The study to meet the unlimited wants of a society
with its limited resources.
Labor- human resource(all people who work in the economy)
Capital-the money needed to start and operate a business
Sports and Entertainment Marketing Notes
Sports segment include:
Professional teams-Football, Soccer, Basketball(Cowboys,
Lakers, Carolina Hurricans
Sporting Goods Industry- Nike,Adidas
Venues- The RBC Center