Economics of Sports Vocab

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Across
  1. 4. State in which market supply and demand balance each other and as a result prices become stable
  2. 6. A time when an athlete does not have a contract with any particular team
  3. 8. Union that represents the MLB
  4. 11. A lack of something
  5. 13. A work stoppage or denial of employment initiated by the management of a company during a labor dispute
  6. 14. A player the team can build their franchise around
  7. 17. Prevents a player from negotiating offer sheets with other teams
  8. 18. any expansions to help the team or the franchise
  9. 21. Provides the player with freedom to explore the market and consider various offers. These players are not tied to their previous teams.
  10. 22. allows the player to sign an offer sheet with another team
  11. 24. The national basketball players association
  12. 25. A consumers desire to buy goods and services
  13. 26. A situation in which unlimited wants exceed the limited resources available to fulfill those wants
  14. 27. An organization of workers that is created to represent the professional Football player's management
  15. 28. Salary cap where luxury tax is high with multiple penalties
  16. 29. contract offered to an eligible restricted free agent
Down
  1. 1. When the workforce says they aren’t coming to work because they feel they are not being treated fairly
  2. 2. An agreement between two parties
  3. 3. Describes the total amount of a specific good or service that is available to consumers
  4. 5. A surcharge put on the aggregate payroll of a team to the extent to which it exceeds a predetermined guideline level set by the league
  5. 7. Cap Salary cap where luxury tax is low with few penalties
  6. 9. Basic substances found in their natural states used as an input to a production process
  7. 10. Process in which working people negotiate contracts
  8. 12. Occurs when a sports league decides to create one or more new expansion teams or franchises
  9. 15. Involves players whose contracts have expired but have fewer than four accrued seasons in the league.
  10. 16. The simple state of supply outweighing demand
  11. 19. The labor union for professional hockey players
  12. 20. A universal process in all organized social and economic activities
  13. 23. Minimum and maximum amounts of money that can be paid on salaries
  14. 24. Union for professional football players