Economic Impact of Sports Marketing

Question 1

Describe what opportunity cost is

Answer 1

The loss of an opportunity that is passed up in order to receive something in exchange

Question 2

Explain how opportunity cost impacts a consumer’s decision when buying sports/entertainment related products

Answer 2

Each decision the consumer makes involves an opportunity cost

Question 3

Define infrastructure

Answer 3

The physical development of an area
Including the major public systems, services, and facilities of a country or region needed to make a location function

Question 4

List at least 5 ways sports can impact an economy

Answer 4

A concert or sporting event can help the economy by
1. Tourist dollars
2. Parking
3. Taxes
4. Sanitation
5. Food and Merchandise

Question 5

Explain grassroots marketing

Answer 5

Marketing activity on a local community level