Term
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Definition
| Basic economic problem facing all institutions, including sport, that occurs when people want more of the sport product or service than is freely available for consumption. |
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Term
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Definition
| Consumers will demand less of a sport product or service as its price increases, and they will demand more of a sport product or service as its price falls. |
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Term
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Definition
| A price at which the quantity demanded of a sport product or service is greater than the quantity supplied. |
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Term
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Definition
| The relationship between the price of a sport product or service and the amount of the sport product or service that suppliers are willing to produce and sell. |
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Term
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Definition
| A price at which the quantity supplied of a sport product or service is greater than the quantity demanded. |
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Term
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Definition
| The relationship between the price of a sport product or service and the amount of the sport product or service that consumers are willing to buy. |
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Term
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Definition
| Suppliers will increase production as the price of the sport product or service increases and decrease production as the price falls. |
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