Financial aspects of sport
In economics, Microeconomics involves analysis of individual firms’ behaviors in deciding how the available limited resource can be allocated (Dow, 2002). On the other hand, Macroeconomics analyzes behavior, performance and structure in economic decisions which considers the global markets rather than individual markets (Dow, 2002). As an economic advisor to the Southeastern Conference relating to the financial aspects of sport, three microeconomic and three macroeconomic issues currently facing the conference can be identified.
The microeconomic issues in the conference include allocation of resources, the economic efficiency of the conference and the employment of resources. Allocation of resources is an issue which can be solved internally within the conference to ensure all resources available are properly allocated to the current essential areas. Economic efficiency also requires internal conference action to ensure all resources are used within critical period (Brown 2010) like the football league season. Employment of resources involves acquiring new players to boost performance as well as allocating the available football stadiums for economical use like assigning games and sport.
The macroeconomic issues in the conference include Financial and Monetary cooperation, the economic growth problem (which is in comparison to other global conferences) and the macroeconomic issue of the global supporting funds. Financial and Monetary cooperation involves the conference proceeding in relation to buying and selling of players. Economic growth is also a macroeconomic issue as suggested by Tremblay (2009) since the progress of the southeastern conference affects the Asian and the world economy as well. Supporting funds which are mostly inform of sponsorship offers a critical support to the conference. Therefore, big companies like Adidas offer sponsorship to some sports which Li and Jago (2013) termed as form global funding support.
Brown, M. T. (2010). Financial management in the Sport Industry. Scottsdale, Ariz.: Holcomb Hathaway, Publishers.
Dow, S. C. (2002). Economic methodology: an inquiry. Oxford: Oxford University Press.
Li, S., & Jago, L. (2013). Evaluating economic impacts of major sports events – a Meta analysis of the key trends. Current Issues in Tourism, 16(6), 591-611.
Tremblay, V. J. (2009). Introduction: Economic Issues in Sports. Review of Industrial Organization, 34(1), 1-4.
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