Team sport economics Essay Example | Topics and Well Written Essays - 1500 words

Team sport economics - Essay Example Sports characters, occasion, and organizations influence our society in a wide, diverse and sometimes in unanticipated ways. Some of the most critical policy issues stirring sports in the contemporary world originate from an interdisciplinary overview that includes economics, history, urbanization, non-profit administration, public health communications, political science and philosophy (Mildner and Santo, 2010 p.13).This essay critically evaluates the approaches and policies incorporated by North American sports and European Sports to achieve a competitive balance through the examination of competitive balance in Philosophy and Policy1. Generally, policies and philosophies in sports enable us to comprehend and asses complicated and disputed topics in the word of sport today especially in this paper, the National Football League (NFL) and the European League. Policies and philosophy usually review affairs related to professional sports along with the outstanding natures of American and European sports. In addition they deal with matters concerning decision making, conflict resolution, cities and public finance and economics2. As part of sports’ history, policies and philosophies are the building foundations of leagues strengths and weaknesses (Bell, 1950 p.76). Moreover, when examining policies and philosophies in sports, one should consider the economic impact and consequences because they work conjointly. Policy analysts and organizations must put into consideration the extremity of the economic impact analysis in order to ensure that they base their findings and decisions on the appropriate outputs3. Particularly, this is a fundamental basic requirement as it relates to the role of the opportunity cost. (Rosentraub, 2007 p.223). For instance, one way used by American and European sports organizations to achieve a competitive balance is through the use of proposed annual payments on bonds sold to investors