Final: Terms 51-75

Question 1

Labor

Answer 1

Collective group of athletes in team sports who unionize in order to bargain collectively with league management

Question 2

Law of Supply

Answer 2

Suppliers will increase production if the product price increases, production will decrease if product price decreases

Question 3

League Think

Answer 3

The philosophy that individual teams and owners must prioritize the interests and success of the entire league over their own individual/team interests
-The overall health/prosperity of the league will benefit all teams in the long run

Question 4

Licensing Royalty

Answer 4

The payment made paid by manufacturers to sports leagues/teams/athletes for the right to use their logo, player likeness, etc

Question 5

Outsourcing (college sports marketing)

Answer 5

Div I athletic departments often hire outside firms for maximizing revenues from marketing and multimedia rights

Question 6

Luxury Tax

Answer 6

Introduced to the NBA in 2002 to tax teams that spend the most on player payroll
-The taxes are shared with teams that have lower payrolls

Question 7

Microeconomics

Answer 7

The study of the behaviour of individual businesses’ prices, revenue, costs, and profits

Question 8

Macroeconomics

Answer 8

The study of broader economic factors influencing the sports industry
-Impact on GDP
-Impact on employment
-Impact on public finances

Question 9

Market Equilibrium

Answer 9

The price at which the quantity demanded equals the quantity supplied

Question 10

Match Fixing

Answer 10

An illegal activity in sport where the outcome is predetermined
-2 Turkish soccer clubs were banned from the Champions league in 2013 for 3 years for match fixing

Question 11

NCAA

Answer 11

Non-profit organization in the U.S. that governs college sports

Question 12

National Association of Professional Baseball Players

Answer 12

Active from 1871-1875, it was the first pro baseball league in the US (before the MLB)
-Shut down due to players being secretly paid

Question 13

Negligence

Answer 13

Failure to exercise reasonable care, resulting in harm/injury to athletes/spectators/ others

Question 13

Player Draft

Answer 13

Process in sports leagues to distribute new players within the league

Question 14

Potential Problems Caused by Interscholastic Sport

Answer 14

-Risk of injuries
-Negative academic impact
-Inequity

Question 15

Power Five

Answer 15

In NCAA Div I football, there are 5 high powered conferences that have autonomy to make decisions in their own interest
-SEC, ACC, Big 10, Big 12, PAC 12

Question 16

Regression

Answer 16

Describes the relationship between 1+ dependent variables and 1+ independent variables

Question 17

Sponsorship

Answer 17

The acquisition of rights of a company to associate with a sport product/event to gain benefits from the affiliation

Question 18

Statutes

Answer 18

Enactments made by a legislature and expressed in a formal document

Question 19

SWOT Analysis

Answer 19

Technique to assess 4 aspects of a business:

Strengths
Weaknesses
Opportunities
Threats.

Question 20

Title IX

Answer 20

U.S. law enacted to prohibit sex-based discrimination in colleges

Question 21

Precedent

Answer 21

A past legal case that establishes a principle that a court uses as a guide/example when deciding subsequent cases with similar facts/issues

Question 22

Product Life Cycle

Answer 22

Life span of a sport product: Introduction, growth, maturity, decline
-Each phase influences marketing tactics

Question 23

Property

Answer 23

Assets associated with sports:
Stadiums, arenas, broadcasting rights, player contracts, etc.

Question 24

Proximate Cause

Answer 24

A cause that directly produces an event (injury) that otherwise wouldn’t have occurred