Economics of Sports Vocab

3. allow teams to go above the salary cap, but will subject such teams to reduced privileges in free agency.
5. the exclusion of employees by their employer from their place of work until certain terms are agreed to.
7. have special restrictions on the terms under which they can retain or change employment status with their athletic club teams.
10. a player who is eligible to sign with other clubs or franchises
11. The amount of a product
13. Limited market and limited supplies
14. National Basketball Players Association
15. the process of dealing with or controlling things or people
18. negotiation of wages and other conditions of employment by an organized body of employees
21. it cannot exceed the “tax apron” at any point during the rest of the league year.
23. resources that are drawn from nature

1. free to sign with any team
2. Demand is larger that supply
4. an organized association of workers, often in a trade or profession, formed to protect and further their rights and interests
6. Supply is greater than Demand
8. a limit on the amount of money a team can spend on players' salaries
9. a written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law.
12. Major League Baseball Players Association
16. Point when supply and demand are equal
17. National Hockey League Players' Association
19. National Football League Players Association
20. Tax a tax on none essential products
22. a consumer's desire to purchase goods and services