Economic Definition: The study of how society manages its scarce resources
Application to Training: How a coach manages his athletes training time, in terms of creating a yearly program and assigning specific goals to specific times.
Economic Definition: whatever must be given up to obtain some item
Application to Training: Time spent developing one skill or quality must come at the expense at the time spent developing another skill.
Economic Definition: used to refer to a point at which the level of profits or benefits gained is less than the amount of money or energy invested.
Application to Training: Defines a point when additional investment in terms of training energy expended and opportunity cost will yield a return which no longer benefits the athlete.
Economic Definition: the value of everything a seller must give up to produce a good
Application to Training: What must be invested in terms of time and energy to achieve a specific training result.
Economic Definition: A cost that has already been committed and cannot be recovered
Application to Training: Time spent doing one thing which can not be taken back. This time should not have bearing on future decisions, and rather should be seen as a sunk, independent decision.
Economic Definition: a situation in which quantity supplied is greater than quantity demanded
Application to Training: Excessive display of a trait beyond whats necessary to achieve the desired goal.
Economic Definition: a situation in which quantity demanded is greater than quantity supplied
Application to Training: Deficit of a specific desired trait that is needed in order to achieve a desired goal.
Economic Definition: the property of society getting the most it can from its scarce resources
Application to Training: Getting the most bang for your buck from your limited training time with your athletes. Keeping training fresh and novel to increase efficiency of return.
Economic Definition: the limited nature of society’s resources
Application to Training: Defines any quality or trait lacking in a program or an athlete. Must be accounted for when programming.
Many of these terms may have limited application alone, but strong correlation when viewed together. For example, a surplus of strength displayed may have been developed at the opportunity cost of developing power. When getting an athlete like this, developing more strength will have rapid diminishing returns as its harder to get stronger when you are strong. Due to scarcity of time, we need an efficient training program that yields the best return.
Applying these terms can help put together a training plan that’s sound both physiologically and economically.[/vc_column_text][/vc_column][/vc_row]