The Effects of the Economy on Nascar Essay examples

At its core, economics is all about how people make choices. Choices are necessary because we live in a world of scarcity. Even the richest among us have to decide how to allocate our resources. When it comes to racing there are several ways that the economy can have an effect on it. The economic downturn that began in the late 2000s and persisted through the early 2010s has revealed how much NASCAR relies on a healthy, growing economy. When Jack Roush decides to have one less race team on the track, he does so not because he doesn’t like the team that is racing, but because fielding a race team is expensive. Mr. Roush has a lot of money, but he is limited to the number of teams he can put on the track. Race fans make choices too. We†¦show more content†¦Those without a job will cut back on things they see to be unessential. Here is where NASCAR begins to feel the pinch. No matter how much you want to see a race, if you have a lack of funds, you cut the trip to Daytona out of the budget. That much we understand, but there are other forces at work that may impact the bottom line of NASCAR more than just those who are directly out of work. As the unemployment rate rises, even those who have jobs begin to get a little nervous. Seeing their neighbors and co-workers losing their jobs makes the employed start to wonder, â€Å"Am I next?† Therefore, they are likely to cut back on extra spending as well. So, next year’s trip to Daytona gets cut from their budget, just in case. Ticket sales start to fall not only because the unemployment rate is rising, but also because people are feeling less secure in their finances. As the unemployment rate was falling in the early 2000s, attendance was on the rise, but as the unemployment rate began to climb starting in 2008, attendance started to fall, and in 2010 we seen a drop below the 4 million-attendance mark for the first time since 2003. As people either lose their jobs, or fear losing their jobs, they don’t just cut back on trips to the track. They start to cut back on spending in other areas such as areas where the team sponsors feel it in their pocketbooks. Less spending by consumers means less income for the corporate sponsor, which means less spending by those sponsors onShow MoreRelated The Automobile and the Economy Essay1021 Words   |  5 Pagesand the Economy The effects the automobile has had on the economy of the world are tremendous. The major effects have came in many ways and include sales of the automobile, jobs provided to sell and manufacture the automobile, gas/oil sales to run the automobile, and the start of auto racing sport. 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