


Wow! I just saw that the NFL generates about 485 million dollars for the super bowl! How does this effect the economy?
The super bowl does effect our economy in a variety of ways, I will take you through the 7 principles of economics to help explain them.


First, there's scarcity and trade offs. Scarcity it what people are able to afford or do, which results in trade offs. Trade offs are when you have to give up the benefits of one option when you choose the other. For example, you don't have enough money to buy super bowl tickets because you just bought a new car, so you have to give up the live super bowl experience and throw a house party with your friends instead.


First, there's scarcity and trade offs. Scarcity it what people are able to afford or do, which results in principle 2, cost vs benefit. Cost vs benefits are when you have to give up the benefits of one option when you choose the other. For example, you don't have enough money to buy super bowl tickets because you just bought a new car, so you have to give up the live super bowl experience and throw a house party with your friends instead.


Principle 3 is thinking at margin. This means that when making decisions, people are plotting out how that decision may affect their future. For example, if someone buys tickets to the super bowl and has a 9 hour drive to get there, they are gonna have to figure out a hotel situation, the drive back, taking time off, ect.


Principle 4 is incentives matter. Incentives are statements or sayings that may influence decisions that people make, think ads. If someone is seeing a lot of posts or ads talking about how seeing the super bowl live was the best experience of their life, they are going to get that idea of buying tickets planted in their head and have all these positive experiences influence their decision.


Principle 5 and 6 have to do with trade, essentially buying and supplying. Principle 5 is trading makes people better off. People trade/buy things that are in their best interest, if someone buys Superbowl tickets thats because they are interested in seeing the live game, and the company is benefited from earning that money from that ticket sale. Principle 6 is market coordinate to trade. markets look at trade trends and decide their actions from there. A great example of this is companies using the super bowl to bring themselves more business, like how many companies buy ads for the Superbowl since there will be so many people watching.


The last principle is future consequences count. This can be applied to both consumers and companies. For example, a company may promote themselves during the super bowl but bring in too much business for the company to currently support. Or a consumer may go and watch the super bowl live, have a few beers, then get a ticket for driving over the legal limit.


Wow I didn't realize how much these principles effect the economy and everyday actions, thanks!!
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Wow! I just saw that the NFL generates about 485 million dollars for the super bowl! How does this effect the economy?
The super bowl does effect our economy in a variety of ways, I will take you through the 7 principles of economics to help explain them.


First, there's scarcity and trade offs. Scarcity it what people are able to afford or do, which results in trade offs. Trade offs are when you have to give up the benefits of one option when you choose the other. For example, you don't have enough money to buy super bowl tickets because you just bought a new car, so you have to give up the live super bowl experience and throw a house party with your friends instead.


First, there's scarcity and trade offs. Scarcity it what people are able to afford or do, which results in principle 2, cost vs benefit. Cost vs benefits are when you have to give up the benefits of one option when you choose the other. For example, you don't have enough money to buy super bowl tickets because you just bought a new car, so you have to give up the live super bowl experience and throw a house party with your friends instead.
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