The single game to determine the year’s winning NFL team makes the Super Bowl exciting. With one Super Bowl a year, you don’t want to miss the game. The game is held on a Sunday in January or February in a different city each year. That city attracts many thousands of football fans who come to the game. The city hopes these people will spend money on hotels, restaurants, and other entertainment while they’re in town.
The NFL is a producer because it makes the Super Bowl. It distributes the Super Bowl by charging money for others to watch it through ticket sales and TV or Internet broadcasts. The NFL makes a profit from producing the Super Bowl. When businesses produce things to sell and make money, we call this capitalism.
THE LAST FOUR SUPER BOWLS
The trophy hoisted by the winning team is called the Vince Lombardi Trophy. Lombardi was the coach of the Green Bay Packers, leading them to victory in the first two Super Bowls. He died of cancer in 1970. That same year, the Super Bowl trophy was named in his honor.
Four different teams have won the Super Bowl in the last four years.
WHAT IS ECONOMICS?
Economics is the study of how goods (such as shirts or footballs), services (such as a dental checkup), and resources (such as water or oil) get from the people that make or provide them (the producers) to the people who use them (the consumers), like you. The economic system used in the United States is called a market economy. In this system, everyone has the freedom to choose what goods, services, and resources they consume.
To put this another way, when you use goods, services, or resources, you are a consumer. You consume or use things you need such as food, clothing, and a place to live. You will pay for these things because you need them. But what about the things you don’t need, such as a ticket to a football game? You might want a ticket. But if you buy one, that means you won’t be able to buy something else with that money. Of course, you can decide to consume things you want but don’t necessarily need. Economics often involves making choices.
No person, business, organization, or government has an unlimited supply of money, so everyone has to decide how much of their money goes toward the things they need and the things they want. A detailed plan that manages money received, expenses, and available spending money is called a budget.
When you make money, that’s called income. When you spend money, that’s known as an expense. Many people make an income working in the sports industry. When you decide to budget some of your allowance for game tickets or buy a football to practice with your friends, you are acting as a consumer and supporting the sports industry.
Money left over after you have paid all your bills and expenses is known as disposable income. You can spend it on a Pro-football Hall of Famer Jersey.
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