Sport Finance Final Exam Questions and Answers 2024 with complete solution

reasons why destinations find sporting events appealing - increased community visibility, stimulation development, entertainment for residents, psychic impact the primary motivation to host sporting events - economic impact where does the economic mat come from? - money originating from outside the region and money that stays in the local community what are the three types of economic impact? - direct, indirect, and induced direct economic impact - the direct consequences of TOURISTS spending money indirect economic impact - when BUSINESS OWNERS spend tourists expenditures locally induced economic impact - when business owners pay their employees and those EMPLOYEES spend the tourist expenditures locally how to we obtain the information about economic impacts? - surveys / questionnaires what type of information is needed? - expenditures, residency, and primary reason for visit casuals - out-of-town visitors that's primary reason for visit is not the athletic event and they are not included in economic impact studies guiding principles of economic impact studies - exclude local residents, exclude casuals, and only use expenditures in the study areasome purposes of economic impact studies - determines expenditure level of tourists; estimates impact on sales, income, taxes, and jobs; informs general public, economic development officials, and legislatures; lure event sponsors; event continuance; identify area of competitive advantage; and JUSTIFY PUBLIC SUBSIDIES what is the economic impact of professional sports teams and facilities? - small to no impact