Title: Explain the concept of supply and demand.
Course: Sports, Entertainment, and Event Marketing > Section: Describing the Economics of the Sports, Entertainment, and Event Industries

Explanation should include

- a definition of supply and demand with examples from the sports, entertainment, and event industries
- the relationship of supply and demand to price and value associated with the sports, entertainment, and event industries.

Process/Skill Questions:

- What factors affect the price of sports, entertainment, and event products and services?
- What would increase the demand for sports, entertainment, and events?
- How does the condition of the economy affect demand for sports, entertainment, and event products and services?
- What is the equilibrium price?