Glossary Terms:

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

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


Benefit

Monetary or non-monetary gain received because of an action taken or a decision made.

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.

Government Spending

Spending by all levels of government on goods and services; includes categories like military, schools and roads.

Incentive

Any reward or benefit, such as money, advantage or good feeling, that motivates people to do something.

Interest

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

Multiplier Effect

The idea that a small increase in spending by consumers, businesses or government can cause large changes in economic production. The multiplier also works in reverse when spending decreases.

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.

Work

Effort applied to achieve a purpose or result, often for pay; skills and knowledge put to use to get something done; employment at a job or in a position; occupation, profession, business, trade, craft, etc.