Economics the English Premier League Has a Essay

Economics

The English premier league has a large television audience and inspires a large amount of devotion among fans that might not have the interest of the sporting world. The English premier league is well-known from London, to other parts of the world.it is very hard to find someone who does not have a favorite football team within the English premier league. Despite all this the we4alth that has come with the famous competitions does not go down to the fans. For instance the lucrative TV deals do not trickle down to the fans. There exists a situation that is very troubling when it comes to the ticket prices. The ticket prices a have gone so high such that even the most loyal fans are no longer able to afford them. For example a ticket for an Arsenal match costs a whooping 126 pounds and there are instance it can go up to $200.the English premier league was once a workingman's game but from the trend it is slowly becoming a form of entertainment that is excluding people.

There is a large income gap that exists between fans and teams which goes ahead to clearly show the financial inequality that exists around the world. The worst part of the situation is that fact that the reasoning behind these exorbitant tickets does not add up.as a matter of fact the fans across England are now demanding a stop to the increasing costs of tickets. Something should be done to this increasing prces.in economics we can look at this situation with the income elasticity of demand. This measures how responsive demand of a particular thing is to a change in the income of those who are in demand of the good. When we look at the income of people around the world we can say that du to the economic changes the incomes are slowly going down. People are now earning less compared to before.If the ticket prices continue to go up then no one will be bale to afford them and hence no one will buy the tickets. Price elasticity of supply shows the responsiveness of quantities of goods supplied to the changes in their prices. When it comes to tickets their elasticity of supply can be termed as elastic. This is because with an increase in price there will be decline in the demand of the tickets. Therefore it is very important for officials to look at this matter so as not to lock out fans from the game they love most. If they continue increasing the prices of tickets then no one will be able to afford and hence the stadiums will be virtually empty.

Adam Smith's "Law of Population"?

According to Adman Smith's law on population he states that there is need for more workers since profits that are accrued are being spent on other things like machinery. Since many workers are competing for jobs the wages tend to go down. This creates more for people who are running the business. According to Thomas Malthus's Principle of Population the growing population rates contribute to a rise in supply of labor which would inevitably lower wages. Malthus had….....