Description
1. Research and define the following economic / business terms (Cartel, Monopoly, Monopsony, Oligopoly, Joint Venture; Corporation, Single Entity).
2. Assign one of the economic / business terms listed above to each of the following entities: ( 1. NFL; 2. NBA; 3. NHL; 4. MLB; 5. SEC; 6. Big East; 7. ACC; 8. MMA; 9. International Olympic Committee; 10. PGA) and describe
3. Compare and Contrast the Major League Baseball’s “Owner/Team Focused” philosophy with the National Football League’s "Corporate / League-Think” focused philosophy and explain how the each League's economic structure impacted each league’s growth over time.
Explanation & Answer
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Running head: SPORT MANAGEMENT
Sport Management
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SPORT MANAGEMENT
Sport Management
Question 1 Defining Economic Terms
1. A cartel can be defined as a group of business individuals who have come together with the
aim of exploiting the market in such a way they maintain high prices and also restrict any
competition to their businesses.
2. Monopoly is a market which is dominated by a single player or company that dedicate what
happens in the market regarding price.
3. Monopsony is a situation in the market where there is only a single customer
4. Oligopoly is a market situation where they are only a limited number of suppliers or
producers of a given commodity.
5. A joint venture is a type of investment where a group of individuals comes together and
make their contributions, and they start the given business
6. A corporation can be def...
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