Something has just occurred to me: many of you don’t know what sports economics is. And I go on about it – A LOT.
I did tell you that this year (well, this blog year) I would make this blog more about economics and to start, we’ll do a rundown of what sport economics is.
Economics as an area of study (Smith College, REPRESENT!) focuses on the production, consumption and allocation of resources. Usually, that means money in exchange for goods or services. The same goes for sports economics although, ‘resources’ is a bit more specific – primarily those resources are games, players, fans, coaches, sponsorships… and everything else you think of when you think of sports. Sport economics uses the principles learned in general economics (usually microeconomics) and apply them to sport.
Let’s get down to business and start with the 10 principles of economics and how they apply to sport, and what I am interested in.