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An example of such issues is the labor market issue. Using the sports industry as an example of an art related industry, this paper aims at discussing the labor market issues in the sports industry.
One of the main things that attract spectators to sports is the fact that they will be able to experience some aspects of struggles that are common in human lives in a dramatic and stark way. However, economists can be attracted to sports for reasons that are different from those of the spectators. To economists they see sports as an industry with the ability to illustrate the economic principles in an attractive and interesting way. Over the years the labor aspect of the sports industry has gradually grown to become more and more complex (Burk 173). It has gotten to a place when been involved in professional sports without commercializing it is no longer attractive. This trend can be illustrated by the way soccer teams globally have to spend more on their players in order to make sure that they attract more fans which will result to more income. If a team chooses not to spend more in order to hire the best players in the market, they will be competitively disadvantaged making them less attractive.
Supply and demand of labor are aspects that should be keenly observed in any industry, especially during these days of economic hardships and uncertainty. This applies to the sports industry. It is important to note that the demand for labor in the sports industry can influence that rate of payment for human labor. The payment can also vary in terms of individual mobility, racial discrimination, personal productivity, and availability of substitutes. Property rights can affect the supply of sports talent. Collective agreements like payroll caps, reverse order drafts, and revenue sharing can be used to control such forces (Rosner and Shropshire 137).
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In the 2009-2010 season 12 of 30 teams lost money. This means that 40% of the NBA teams incurred in losses. The current collective bargaining agreement states that the players are entitled to 57% of the NBA global revenues. This is the formula that is in question in the negotiation for the new collective bargaining agreement.
Competition on the other hand however, deals with the removal of any restrictions on the trade in order to ensure that the competition between different players in the market works in healthy and constructive manner. Anti-trust laws are therefore formulated in order to ensure that no one in the free markets can actually dominate the market by creating any kind of barriers or restrictions in order to control the market.
Introduction 26 Discussion 26 Conclusion 27 References 29 Section 1: Intellectual Property Introduction Intellectual property (IP) can be defined as the lawful rights that originate from the conduct of intellectual activities performed in the scientific, industrial, artistic and literary fields.
True to the fact supported by economics, people have only limited resources which they use in order to satisfy their never ending needs and wants. Thus, they use these resources in order to make choices which will provide them with the highest level of utility and satisfaction.
In the present study, we have held the focus of our work on pharmaceutical companies. The essential reason for our choice of pharmaceutical companies over other companies was inherent in their most efficient research functioning. In
This statement tries to explain the manner in which order can result from the freedom of choice. This involves the Solow Model, ideas in economics, real exact business cycles and the Keynesian approach in
A grand cinema is the prime venue that enriches lives by the use of art of films offered at prime venues along the central business districts or in major residential places1. In most cases, it is a live streaming event that
Disney’s leadership manages the greatest global media company with the most respected visionaries around the world supporting the company (Janet 34).
The company focuses on generating best and creative content possible to foster
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