ent.Economics is the study of how best to allocate scarce resources throughout an entire market. Economics affect our lives on a daily basis, whether it is on a business level or a personal level. The ability to work within the economy may vary from each individual entity. Economics are present everywhere, from a shopping mall to a successful business. Sports have become more of a business entity rather than an entertainment industry due to the strong economic impression of the overall industry. It is true that the entertainment aspects of sports are what drive the economic desire of business to be involved with sports but, without the understanding of the influence of the economy, sports are merely entertainment and not a business. There are several instances in which economics may contribute to the effect on the sports industry such as; the success of a team, the price of a ticket, the amount of money an athlete will make and the amount of profit a team will make. The success of any single entity solely relies on the current economic market situations. The desire for one to be involved with a specific sport agency is what stimulates the demand for such a business. Sport is a business, which relies heavily on the involvement from society, and business within to be successful. There are several areas and economic factors that must be taken in to consideration when looking at the outstanding success of sports such as; basic economics, areas of sport that are experiencing economic problems or profitability, effects of economics of sport through television and media, and management labor issues. All of the previously mentioned aspects effect the success or failure of sport as an industry within the economic market of entertainment. We will take a closer look at these items and prove that sport is a business that relies on the economy and also discuss how the economics in sports effect the industry as a whole as well as individ...
