write a clear and concise paragraph describing 2 key points that you have learned upon completion of your work. the key points are listed below
1. Scarcity – is the simple economic principle that there are not enough goods and services freely available to satisfy people’s wants and needs
Scarcity characteristics of professional sports:
- The “product”
- The “beauty” of the sport or team
- Enjoyment of winning
2. Market power – when a producer faces limited substitute products and is able to set the price of their product on how much they produce
- In professional sports, this market power is derived from the exclusive territory occupied by teams
- “Large” market vs “small” market teams
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