Olympic History
Where was the first Summer Games held?
What is Athens, Greece
This is the main reason hosting the Olympics can be expensive
What are infrastructure and operational costs?
More visitors coming to a host city during the Games increases this part of the economy.
What is Tourism?
Some economists argue the Olympics do NOT always increase this for a country.
What is Economic Growth?
This Japanese city hosted the 2020 Olympics, which became more expensive due to COVID-19 delays.
WHat is Tokyo?
The number of summer and the number of winter modern olympic games.
What is 30 summer and 25 winter
Many Olympic host cities spend more than expected, this economic problem is called this.
What are cost overruns?
New roads, trains, and buildings built for the Olympics are called this type of investment.
What is infrastructure investment?
Cities may still host the Olympics for this non-monetary benefit
What is prestige or civic pride?
This type of Olympic strategy, used by recent games, tries to reduce costs by using existing venues.
What is using existing infrastructure / sustainable hosting?
The number of years after the Summer Olympics did the Winter Games begin
What is 28? (1896-1924)
When money spent on the Olympics could have been used for schools or healthcare, economists call this.
What is opputunity cost?
The long-term positive effects after the Games (like improved global reputation) are called this.
What is an Olympic legacy?
When Olympic stadiums are unused after the Games, it represents this inefficiency
What is wasted resources or underutilization?
The 1996 Olympics in this U.S. city were largely privately funded compared to others.
What is Atlanata?
The number of sports that have appeared in every Olympics. (Bonus 700 if anyone can name them and get the number)
What is 5? (Swimming, Cycling, Gymnastics, Athletics, and Fencing)
This organization oversees the Olympics and earns money from broadcasting rights and sponsors.
What is the International Olympic Committee
This measures the total value of goods and services produced and may be affected by Olympic spending.
What is Gross Domestic Product (GDP)?
When economists argue the Olympics shift spending rather than create new spending, they call this…
What is the "substitution effect"?
The 1976 Olympics in this Canadian city left decades of debt due to cost overruns.
What is Montreal?
The people/culture where the Olympic Games idea comes from
Economists use this term for the ongoing cost of maintaining Olympic venues after the Games end.
What are maintenance or long-term operating costs?
When Olympic spending leads to additional economic activity, like more jobs and spending, it’s called this effect.
What is the multiplier effect?
This European country’s 2004 Olympics are often blamed for contributing to its later financial crisis.
What is Greece?
The 2008 Olympics in this city showcased massive infrastructure investment and global image-building, that chnaged the future of the Olympics.
What is Beijing?