1. BRO TIME 1. Read the BRO Time Article about the Billy Ripken Card 2. Answer the questions on the back 3. When you are done place your pen or pencil down, so Ms. Guerrero knows that you are done with the assignment

2. Economics of the Sports Industry Sports, Entertainment and Recreation Marketing

3. The Ripken Rollercoaster: Answers 1. Dealers could not afford the high priced cards (not enough available cash) 2. Supply was high initially and low as hysteria hit 3. Card shops 4. Price 5. No, levels out at $30-$75 6. Buy: Day released 7. Sell: Next afternoon/third day

4. What is Economics O The study of the choices and decisions that affects the way a company makes, distributes, and uses goods and services O Free Enterprise System: a system that encourages individuals to start and operate their own businesses in a competitive market, without government involvement O (when a company ’ s motivation is profit)

5. Supply and Demand O Supply O The amount of goods producers are able to make and sell O Demand O The amount of goods customers are willing and able to buy

6. Law of Supply O As price increases the amount producers are willing and able to produce increases Price Quantity Produced P1P1 P3P3 P2P2 Q3Q3 Q2Q2 Q1Q1

7. Law of Demand O As price increases the amount the customer is willing and able to pay decreases P3P3 P2P2 P1P1 Q3Q3 Q1Q1 Price Quantity Purchased Q2Q2

8. Graphing Supply and Demand Price Units Demand Supply Equilibrium Surplus Shortage

9. O Equilibrium: when supply and demand are equal O Shortage: when demand exceeds supply O Surplus: when supply exceeds demand

10. Competition O A rivalry between two or more businesses to attract scarce customer dollars VS. Example:

11. 3 Types of Competition O Price – using prices to attract customers O Non-price – using anything other than the sale price of a product O Ex: higher quality, new features, larger assortment O Monopoly – there is only one supplier of a product (there is no competition)

12. Effects of Competition on the Customer O Lower prices O Better quality products O New, improved products O Choice of where to buy O Wider product selection O More and better customer service

13. Economic Impact of an Event Hotels/ Lodging Other Recreation Security Services Airlines/ Transportation Employees of Venue Restaurants Product Sponsors Ticket Sales Media Concessions Local Merchants Who Does The Event Benefit

14. Review Assignment: Due to Mrs. Guerrero at the end of the block O In the SERM Textbook, read pages 12-14 and stop at the heading “Property Ownership” O Answer “Quick Check” Questions on Page 20 #’s 1-3 O Complete the DECA Connection- Role Play Activity Assignment O Page 25