write a clear and concise paragraph describing 2 key points that you have learned upon completion of your work. the key points are listed below
1. Scarcity – is the simple economic principle that there are not enough goods and services freely available to satisfy people’s wants and needs
Scarcity characteristics of professional sports:
The “product”
The “beauty” of the sport or team
Competition
Commonality
Enjoyment of winning
2. Market power – when a producer faces limited substitute products and is able to set the price of their product on how much they produce
In professional sports, this market power is derived from the exclusive territory occupied by teams
“Large” market vs “small” market teams
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