This Task Involved Analysing Economic Benefits Of Sports In Canada (Essay Sample)
THIS TASK INVOLVED ANALYSING ECONOMIC BENEFITS OF SPORTS IN CANADAsource..
What are the Economic Impact of Sports
What kind of impact do sports have in the economy? This research will examine further into one of the numerous diverse answers of economic benefits of sports .
Taking part in sport can develop the quality of life of people and societies, encourage social inclusion, advance health, combat anti-social activities, increase individual confidence and link people (Gratton & Taylor, 2005)
Importance, Relevance, and Challenges of Sport as an Area of Study
Approximating the size of the sports business is an essential exercise, and nothing like other industries, this industry spreads across the normal categorizations of economic undertaking incorporated in national revenue and goods accounts. It comprises of mass involvement in sport and listening, watching sports competition on different media. Data from each of these fields have issues that make it hard to precisely assess the scope of this industry (. Susan E. Vail,2005)
As the sports business is developing in economic control, it is also drawing commercial interests who could profit from that power by winning over its organization. As the sports industry is increasing, the function of the sportsperson is becoming to serve the organization.
Commercialization of sport
Commercialization has upsurge sports to a higher level where it is, bringing with it a lot of modifications to the sports, particularly by building sports to be an enormous and profitable commerce. Sports can now be watched or followed by everyone, all over the world in real time(Thomas, 2012)
The Government of Canada is one of the leading shareholders in Canada's sports organization, generating funding for programs to maintain our high-performance sportspersons and to encourage sports involvement among all Canadians (Coleman & Ramachandran, 2010)
Some factors that have affected the boom of commercial sports
As individuals move to more populated areas, the sports amenities have come to be nearer to one another and closer to the people, and so, individuals can now go exercise sports or follow a sporting experience at a venue that is close to their home.
Media such as television, newspapers, radio and the internet, are all giving access to athletes and sports which aids in the sustainability of recreational and professional sport. Sports venues and amenities are being erected in various areas in the country, thus providing more ease of access to the community and indirectly offer a steady sports income stream (Davies, Coleman & Ramchandani, 2013)
The Government of Canada offers financial assistance via three programs: Through the Athlete Assistance Program, every year $28 million in backing goes directly to roughly 1900 sportspersons, offering them financial support to follow world-class outcomes while attaining their career and academic goals (Kovács, Gulyás & Sterbenz, 2017 )
The seven sectors of the sports economy
The division of the sports economy can be categorized into these seven sectors.
Consumers – This shows mostly sport-related spending in households.
Commercial sport – comprising of sports merchandises retailers and manufacturers .
Commercial non-sport – comprising of suppliers for the manufacture of sport-related goods and services.
Voluntary sector – non-profit building sports organizations like amateur clubs run by their members.
Local government – including income from local government sports facilities,e.t.c.
Central government – grants, taxes, and salaries on sport-related undertakings.
Outside the area – comprising of all transactions with markets outside the studied sector(Garraton,2005)
Economic Effects of Sport
Hosting an extra-large sports occasion like the Olympics, has shown some big and long lasting profits in our societies like improving society image, growing society visibility and positive psychic revenue are all shared and acceptable notions. The negative or positive economic outcomes of sports events may be a critical feature to define communities' draft budget for the coming year (Ramchandani & Coleman, 2012).
The Canadian Sports Association (CSA) has revealed that culture and sport takes an important part in the Canadian economy, regarding GDP, output, and jobs. Culture provided 3.1% ($47.8 billion) to the Canada's GDP, whereas sport gave 0.3% ($4.5 billion). The culture sector has added more to the Canadian economy than sectors such as utilities, accommodation , forestry, fishing, Agriculture, and hunting ("Stancan", 2017)
DIRECT ECONOMIC BENEFITS OF SPORTS
SPORT AND RECREATION BUSINESS ACTIVITY
Sports activities create business activities across various sectors and industries. Sport and active recreation members require sports apparel and equipment to be imported or manufactured, distributed or sold. They require sports amenities from grounds to gymnasia, and outsized international sports ground, and they require a various of services comprising of coaches, instructors, and also physiotherapists and different health professionals services. These are all part of the supported sport gives to the economy ("Money games: profiting from the convergence of sports and entertainment", 2011)
INDIRECT SPORT INDUSTRY BENEFITS
In determining the economic effect of sport and the active recreation (or of any business) on an economy, it is beneficial to take account of the industry connections to supplier businesses. Thus a growth of demand (or private outflow) for sport and the active recreation merchandises and services will
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