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Sports Marketing Chapter 3

Economicsthe study of how to meet unlimited wants and needs of a society with its limited resources.
Scarcitya condition in which more goods and services are desired than are available.
Communismcountries have a government that is run by one political party and that party controls everything. People are assigned jobs. Students are told what type of schooling they will receive.
Prosperityphase of the business cycle that has high economic growth and low unemployment.
RecessionThe phase of the business cycle with high unemployment and reduced consumer spending
Competitionforces businesses to operate efficiently.
Riskthe potential for loss or failure
Sole proprietorshipa business owned and operated by one person
Private corpotationscorporations that do not offer shares of stock for sale to the general public.
Subchapter “S” corporationstaxed like a sole proprietorship and limited to 35 or less shareholders.
Utilitythe added value or usefulness of a product
Supplythe amount of goods producers are willing and able to produce and sell
Demanda consumer’s willingness and ability to buy products
Elasticitythe degree to which demand for a product is affected by its price
Elastic demandhow changes in the price of a product affect demand for that product
Inelastic demandcondition in the market where changes in the price of a product have very little affect on the demand for that product
Profitthe money earned from conducting business after all costs and expenses have been paid.
Franchisea business or organization with the right to use an established name and sell trademarked products
Partnershipa business owned and operated by two or more people
Corporationa business owned by stockholders

East Troy High School

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