St Johns University Cancellation of The 2020 Olympics Essay

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Business Finance

St johns university

Description

Select one of the topics below realted to the economics of sport. Provide supporting details, sources and evidence in your paper when writing about the chosen topic. You NEED to write about the economic aspect of your topic. See below for points to keep in mind:

  • Minimum of 5-7 pages, size 12, Times New Roman font, double-spaced, standard 1" marigns.
  • Please provide a cover page
  • Your works cited page should list all of the outside sources used, including your textbook.
  • Please use reliable, scholarly sources. Do not use wikipedia.
  • Attach your paper as a word doc or PDF.

Topic Options:

1. What is the economic impact of canceling the 2020 Olympics?

2. What is the economic impact of the cancelation of March Madness in 2020?

3. From an economics standpoint, who benefits the most from a new stadium in your city (or a city of your choice), the team, the fans or the city as a whole?

*Please note that you MUST focus your paper on the economics of sport. Do not get off track or write about other areas. The focus needs to be on economics and our course content from the text.

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Explanation & Answer

View attached explanation and answer. Let me know if you have any questions.

ECONOMICS FOR SPORTS

1

Economics for sports: Cancellation of the 2020 Olympics
Name
Institution

ECONOMICS FOR SPORTS

2

Economics for sports is a concept that explains how sports are related to economics.
Economics is the science that deals with the allocation of scarce resources among ends that
compete for these resources. Sports are the activities that engage one in physical exercise and can
be used for body development and commercial purposes; therefore, economics for sports
regulates how scarce resources are allocated in the sports field. The concept of economical sports
makes it easier to answer the question on economic impacts for the cancellation of Olympics
2020 that was to be held at New National Stadium in Tokyo, Japan. These cancellations were
made due to the massive attack of Corona Virus Disease, also known as Covid-19, and the
government wanted to observe the guidelines for overcoming this fatal disease (Nicola, M. et. al,
2020). The disease would have spread among the spectators; hence, this regulation had to be
followed for the spectator's lives' safety. Economists were able to study and analyze how the
cancellations for this Olympics would adversely affect the economy of Japan as a whole. Various
economists on the economy outlined several impacts; for example, Japan would encounter a loss
in the income of Japan, affects ion the household consumption expenditures, reduction in the
number of spectators, failure in the payment for holding games, and declining the tourism field.
Cancellations of the Olympics exponentially reduced the income for the country.
Spectators from different parts of the world would travel to Tokyo to watch the Olympics. Many
spectators prefer watching the Olympics in person rather than watching the games on social
media such as television. Spectators would require accommodation in Japan; hence, they would
yield income to hotel attendants and create more opportunities (Ozili, ...


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