Glossary Terms:

The Economics of Professional Sports: If You Build It, Will They Come?

Glossary terms from:
http://www.econedlink.org/e141


Costs

An amount that must be paid or spent to buy or obtain something. The effort, loss or sacrifice necessary to achieve or obtain something.

Economics

The study of how people, firms and societies choose to allocate scarce resources with alternative uses.

Interest

Money paid regularly, at a particular rate, for the use of borrowed money.

Resources

The basic kinds of resources used to produce goods and services: land or natural resources, human resources (including labor and entrepreneurship), and capital.

Revenue

The money a business receives from customers who buy its goods and services. Not to be confused with profit.

Services

Activities performed by people, firms or government agencies to satisfy economic wants.