Title: Explain economic concepts and their relationship to the sports, entertainment, and event industries.
Course: Sports, Entertainment, and Event Marketing > Section: Describing the Economics of the Sports, Entertainment, and Event Industries

Explanation should include

- definitions of major economic concepts
  - scarcity
  - opportunity cost
  - trade-offs
  - incentives
  - monopoly
- identification of controllable economic factors (e.g., price, value)
- identification of uncontrollable economic factors (e.g., income, population).

Process/Skill Questions:

- How are the sports, entertainment, and event industries affected by scarcity and opportunity cost? By trade-offs and incentives?
- How are the sports, entertainment, and event industries affected by various controllable economic factors? Uncontrollable economic factors?
- How does the unemployment rate affect sports, entertainment, and events?
- What economic impact can a professional sports team have on its community?
- Why are geographic factors a critical element in sports, entertainment, and event economics?