Introduction
Sports have been a part of human life since ancient times, but as people have developed as a species and become more technologically advanced, sports have become a considerable part of the culture and economy. With the rise of professional sports leagues and fans’ desire to see their favorite team play live, there has been an increase in revenue for teams and leagues worldwide (Leeds et al., 2018). The popularity of these leagues has created economic value that people have used within those industries to invest in other ventures and create jobs for people who would otherwise be unemployed.
There are many ways that sports can impact an economy. In addition to creating jobs, they provide entertainment for fans who may not have access to other forms of entertainment like movies or music concerts due to lack of money or time constraints (Woods, 2020). It can lead them to spend more money on tickets, merchandise, and food at concessions stands during games. It creates additional revenue streams for teams or leagues owners and their employees, such as ticket takers or sellers at stadiums or ticket brokers who sell tickets online through sites like StubHub or SeatGeek, which also brings in revenue without having any direct involvement with teams or leagues themselves.
Research Purpose
The purpose of this research is to examine the impact of sports on the economy. It is an important topic because it has been shown that sports significantly impact. There is a need for further research into this area to determine precisely how much money sports contribute to the economy and what areas they most impact.
This project aims to provide an analysis of existing literature on sports and their economic impact. In addition, the study will conduct research by surveying 200 people about their feelings towards sports and how they view them as part of their lives. This information will create a model that estimates how much money sports contribute to our economies, such as tourism or travel, advertising or marketing, public relations, and employment opportunities.
Research Gaps
The impact of sports on the economy is a topic that has been studied extensively. However, there are still many gaps in understanding how and why sports affect the economy. One area that requires further study is the long-term effects of sports on an individual’s life (Cartigny et al., 2021). For example, what happens to an athlete’s career after they retire from their sport? Another area that requires further study is the impact of sports on public health. What are the effects of playing professional sports on an athlete’s body over time? How do these effects compare to those experienced by non-athletes? Little research has been conducted on the type of economic activity generated by professional sports franchises and events and how that activity impacts local economies.
Research Questions
This research aims to uncover how sports have influenced the economy and what factors have contributed to this. The research questions are as follows:
- What are the major economic impacts that result from sports?
- How do these impacts impact local economies?
- How can these impacts be measured?
Aims and Objectives
This study aims to examine the impact of sports on the economy. Specifically, it will look at how much money is spent by fans on sporting events and how much money is spent by corporations to sponsor them. It will also examine whether or not these expenditures affect the economy positively or negatively. This study aims to determine if there is any correlation between economic growth and a country’s success in international sporting events and competitions.
Literature Review
As the world becomes more globalized, our economy is becoming more intertwined with the economies of other countries and regions. In many cases, this has led to a more complex trade system, where goods and services are exchanged between countries with vastly different cultures and practices (Cartigny et al., 2021). One area where this has had a significant impact is in sports. While athletics were once considered mostly for entertainment purposes, today, they are often used to encourage international cooperation and understanding between countries. As such, it is essential to understand sports’ impact on the economy.
Based on the evidence from relevant literature, the study has created a hypothesis that sports positively impact the economy. It can be supported by many examples such as job creation through construction activities during sports events like Football World Cup or Tokyo Olympic Games; revenue generation through ticket sales for games; social benefits through providing entertainment and recreation facilities for people who cannot afford expensive traveling abroad (Müller & Gaffney, 2018). However, this study has some limitations, such as the availability of data from different countries, which might affect my analysis results due to differences in measurement units (Currency vs. Dollar) and exchange rates.
The current body of research on this topic has found many economic benefits to cities hosting major sporting events. The most common finding is that these events increase tourism and boost the local economy (Cartigny et al., 2021). This boost can be seen through increases in hotel occupancy rates and sales taxes (Müller & Gaffney, 2018). In addition, it has been found that these events also increase employment rates (Woods, 2020). However, it should be noted that these findings are not always consistent: some studies find no impact from hosting significant sporting events (Leeds et al., 2018). It is important to note that this study aims at filling a gap in the literature regarding how sports affect individuals and businesses by providing a better understanding of how they can be used as a marketing tool or as an entertainment product. A better understanding could lead to more effective strategies for using sports as an advertising platform and entertainment programming.
Methodology
Research Design
The research design will be quantitative and correlational. The study will look at data from other sources, such as surveys and interviews, to make conclusions about the link between the two variables. The variables to be examined are the amount of money generated by sports and the economic impact on a community. The population of interest includes any sports team in any country or city worldwide. It includes professional and amateur teams, such as high school or college. The sample size will consist of two groups: one group that provides data about how much money is generated by sports in their city or country and another group that provides data about how much money is spent on sports each year by people living in their city or country; this could include both individuals and businesses.
Data Collection Procedures
The data collection procedures in this study will be through various surveys and interviews. The respondents will be selected from different age groups, such as children, teenagers, adults, and seniors. The survey aims to evaluate the impact of sports on the economy based on their income level and spending habits. All respondents will be asked about their attitude towards purchasing sports equipment, whether they buy or rent them from others. They will also be asked about their participation in local sports clubs or associations, which may help them increase their income or reduce costs in some way. Finally, we would need to interview people who work within the sports industry, such as coaches or owners, and ask them about their experience in this field. They could also give insight into whether there are any benefits from working within this field besides earning money.
Data Analysis
This study will use data from various sources, including journals, newspapers, and government reports. The initial data set will be collected from these sources and consolidated into one extensive database. The data will then be analyzed using statistical tools such as regression and correlation analysis. It will allow the researcher to see how sports affect other economic variables like unemployment rate and GDP per capita and how they interact (Müller & Gaffney, 2018). For example, if there are any significant correlations between the unemployment rate GDP per capita. Once we have determined how different variables affect each other, the study can use this information to make predictions about how future events might affect these variables to help us make better decisions regarding our investments or policy choices.
Limitations of the Study
This study has two main limitations: First, it does not include all types of sports and all types of industries in which sports operate. For example, there is no mention of cricket, rugby, or golf. However, these sports do generate billions of dollars in revenue each year. If the study included them, it would see that their economic impact was more incredible than initially estimated. Second, it only looked at direct economic impacts; it did not consider indirect effects, such as how sport affects things like tourism or entertainment options for locals. Its conclusion could have been different if it had considered these factors in its calculations. Another limitation is that only the economic benefits of sports are considered in this study without considering any other social or environmental impacts that may occur due to increased sporting activities in a given country or region (Leeds, 2018). For example, if someone spends money on tickets to watch their favorite soccer team play, they will have less money to spend on something else, such as food or water, which could lead to starvation or malnutrition.
Conclusion
There are multiple ways that sports can affect the economy. Some indirect ways include sports bringing additional revenue to a community. Sports will bring in more money which can then be spent in other areas, thus increasing the economy of any city they play in. The local shops, restaurants, and hotels see an increase in revenue from out-of-town fans who have traveled to see their team play. This revenue is then used to improve the quality of life for consumers and stimulate other economic activity.
Expected Timeline
References
Cartigny, E., Fletcher, D., Coupland, C., & Taylor, G. (2021). Mind the gap: A grounded theory of dual career pathways in sport. Journal of Applied Sport Psychology, 33(3), 280-301. Web.
Leeds, M. A., Von Allmen, P., & Matheson, V. A. (2018). The economics of sports. Routledge.
Müller, M., & Gaffney, C. (2018). Comparing the urban impacts of the FIFA World Cup and Olympic Games from 2010 to 2016. Journal of Sport and Social Issues, 42(4), 247-269. Web.
Woods, R., & Butler, B. N. (2020). Social issues in sport. Human Kinetics Publishers.