Through this activity, I learned about 6 economic thinking concepts. The first is concept and there can be a choice for the athletes or for the fans. The athletes make the choice of becoming an athlete and the fans choose to watch them instead of something else.
The second concept is cost. The financial cost for the fans would be that they would be willing to spend money to watch them play live or on tv. The opportunity cost for the fans would be watching the news or something else. The opportunity cost for the athletes would be an education. Another cost for the athlete would be a possibility of injury.
The third concept is incentive. For the athletes, the incentives would be making making and playing well and having competition. For the fans, the incentives would be watching something more entertaining.
The fourth concept is economic system. This would be the fans who are willing to pay the money to watch athletes.
The fifth concept if trade. Some coaches or managers trade athletes so that they can have the best athletes on the best team. Athletes trade health for money and education for sports. Lastly spectators trade time and money for entertainment (watching the athletes play).
The last concept is consequences. There are many consequences for the athletes. For example, they can get injured and have to live their life paralyzed, they make the choice to excel at one sport, they choose not be educated which could be a problem when they retire one day and risk being poor.