Sports Entertainment Economics 100 200 300 400 500 Risk Business Management Concepts 100 200 300 400 500 100 200 300 400 500 Finances 100 200 300 400 500 Utility 100 200 300 400 Final Jeopardy The study of economics of an entire society is refereed to as……. Macroeconomics Revenues > Expenses Profits The amount of satisfaction people believe they receive from entertainment is refereed to as….. Economic Utility What are the four types of economic utility? Form Place Possession Time making decisions to use resources in ways that result in the greatest profit Profit Motive _______ is the possibility of financial loss or gain, or personal injury. Risk This category of risk includes environmental conditions that cannot be controlled. Natural Risk This classification of risk involves a loss that can be prevented or reduced in frequency. Controllable Risk What are the three major categories of risk? Natural Human Economic This type of risk is used to classify a chance that a loss could occur but the dollar amount cannot be estimated. Uninsurable risk The money a business receives from the sale of goods and services Revenue payment for insurance Premium Costs only found at the initial opening of a business or operations Start up costs A planning tool for the money to be spent budget a report developed to predict the expenses to be incurred and revenues to be received from an event Forecast _____________ studies the relationships between individual consumers and producers. Microeconomics Funding a company in exchange for owning a part of the company Venture capital Building a company without outside help or assistance. Bootstrapping ROI stands for? Return on Investment The second greatest source for finding funding? Families & Friends Having products or services available when someone wants or needs them is an example of this type of utility. Time Utility Changing a physical characteristic of a product to improve it, such as making movies available in multiple formats like HD, BlueRay, or Imax, would be an example of this type of utility. Form Utility Hold an event in a “cool” location for customers to attend would be an example of this type of utility. Place Utility Matinee pricing, senior discounts, and special rates for students would be an example of this type of utility. Possession Utility Category Franchise Owners What is the maximum number of shares a person can own for the Green Bay Packers? 2000