Podcast
Questions and Answers
Professional sports involve ______ athletes competing individually or on teams.
Professional sports involve ______ athletes competing individually or on teams.
paid
Economics plays a significant role in professional sports, including maximizing ______ and selling broadcast rights.
Economics plays a significant role in professional sports, including maximizing ______ and selling broadcast rights.
profits
Professional sports also have an economic impact on ______ cities.
Professional sports also have an economic impact on ______ cities.
host
The sports/leagues discussed include NFL, MLB, NHL, NBA, ______, and CFL.
The sports/leagues discussed include NFL, MLB, NHL, NBA, ______, and CFL.
The rise of professional sports was influenced by rising standards of living and the ability of the general public to support professional ______.
The rise of professional sports was influenced by rising standards of living and the ability of the general public to support professional ______.
Babe Ruth had an absolute advantage in both pitching and hitting, but a comparative advantage in ______.
Babe Ruth had an absolute advantage in both pitching and hitting, but a comparative advantage in ______.
Sports teams are like ______ and must make economic decisions to maximize profits.
Sports teams are like ______ and must make economic decisions to maximize profits.
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Study Notes
- Professional sports involve paid athletes competing individually or on teams.
- Athletes earn money through prize winnings, endorsements, and salaries.
- Economics plays a significant role in professional sports, including maximizing profits and selling broadcast rights.
- Professional sports also have an economic impact on host cities.
- The sports/leagues discussed include NFL, MLB, NHL, NBA, NASCAR, and CFL.
- The rise of professional sports was influenced by rising standards of living and the ability of the general public to support professional organizations.
- Babe Ruth had an absolute advantage in both pitching and hitting, but a comparative advantage in hitting.
- Comparative advantage considers both marginal and opportunity costs.
- Professional sports have become a $1.5-trillion dollar industry globally.
- Sports teams are like firms and must make economic decisions to maximize profits.
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