Chapter 10: Economics and Financial Management

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There is a typo on page 393 in the Sidebar “Elasticity Change Formula.” In the last line, the formula should read:

% Change  = P1 – Po/(P1 + Po)/2. The information in the parenthesis shows Pq when it should be P1.


Presentation – Ch 10 – Economics and Financial Management (PDF)


Video Links:


The Economics of Culture: Tapping into its Potential for Development (6:49)


Scarcity, Opportunity Costs, Production Possibilities Curve (14:11)


Khan Academy – Law of Demand (8:15)


Khan Academy – Law of Supply (8:23)


Khan Academy – Link to multiple videos on economics


Elasticity of Demand (5:12)


Inelastic Demand (3:52)


Dan Ariely: What Is Behavioral Economics? (4:44)


Matt Dobbin: Behavioural Economics (20:29)


David Throsby at Culture and the Economy, May 2012 (42:42)


The Arts, New Growth Theory, and Economic Development: Discussion & Concluding Remarks -2012 (40:44)



Finance & Accounting

Nonprofit Cash vs Accrual Accounting – Nonprofits Assist. Fund (14:16)


Income Statement Basics – What’s Behind the Bottom Line – Nonprofits Assist. Fund (8:19)


Reading Nonprofit Balance Sheets – Nonprofits Assist. Fund (15:57)


Khan Academy – Link to a series of short videos on finance and accounting


Web Links:


Americans for the Arts – Creative Industries


Americans for the Arts – Prosperity IV Study


NEA – Time and Money: Using Federal Data to Measure the Value of Performing Arts Activities (PDF)


NEA – Arts and the GDP: Value Added by Selected Cultural Industries (PDF)


NEA – Artists in a Year of Recession: Impact on Jobs in 2008 (addendum) (PDF)


Creative Economy Report 2013


Finance & Accounting

Free Nonprofit Sample Business Plans


Information About the Core Inflation Rate


Unified Chart of Accounts


Nonprofits Assistance Fund – Articles and Reports

Some of the links at this website include:

        • 10 Step Budgeting Checklist
        • Executive Director’s Guide to Financial Leadership
        • Analyzing Financial Information Using Ratios
        • Balance Sheet Cheat Sheet


Other Resources:

Template for Students working on “Creating a Financial Report” (Excel File)



        • Hans Abbing, What Are Artists Poor? The Exceptional Economy of the Arts, Amsterdam University Press, Amsterdam, 2002.
        • Steven Adler, On Broadway — Art and Commerce on the Great White Way, Southern Illinois University Press, Carbondale, IL, 2004.
        • Eric Angner, A Course in Behavioral Economics, Palgrave MacMillian, Houndmills, Basingstoke, Hampsire, UK, 2012.
        • Karen Berman and Joe Knight with John Case, Financial Intelligence – A Manager’s Guide to Knowing What the Numbers Really Mean, Harvard Business Review Press, Boston, MA 2006.
        • Richard E. Caves, Creative Industries, Contracts Between Art and Commerce, Harvard University Press, Cambridge, MA 2000.
        • Tim Donahue and Jim Patterson, Stage Money – The Business of the Professional Theater, The University of South Carolina Press, Columbia, SC, 2010.
        • Edward Jay Epstein, The Hollywood Economist, The Hidden Financial Reality Behind the Movies, Melville House Publishing, Brooklyn, NY 2010.
        • Robert J. Flanagan, The Perilous Life of Symphony Orchestras – Artistic Triumphs and Economic Challenges, Yale University Press, New Haven, CT, 2012.
        • Donald C. Farber, Producing Theatre, 3rd edition, Limelight Editions, Pompton Plains, NJ, 2006.
        • Bruno S. Frey, Arts & Economics, 2nd edition, Springer-Verlag, Berlin, Germany, 2003.
        • Barbara Isenberg, Making it Big — The Diary of a Broadway Musical, Limelight Editions, New York, 1996.
        • David Throsby, Economics and Culture, Cambridge University Press, Cambridge, UK, 2001.
        • David Throsby, The Economics of Cultural Policy, Cambridge University Press, Cambridge, UK, 2010.
        • Ruth Towse, editor, A Handbook of Cultural Economics, 2nd edition, Edward Elgar Publishing Limited, Northhampton, MA 2011.
        • Ruth Towse, A Textbook of Cultural Economics, Cambridge University Press, Cambridge, UK 2010.
        • Frederic Vogel and Ben Hodges, editors, The Commercial Theater Institute Guide to Producing Plays and Musicals, Applause Theatre and Cinema Books, NY, NY, 2006.
        • Lynn A. Weikart, Greg G. Chen, Ed Sermier, Budgeting & Financial Management for Nonprofit Organizations, CQ Press and imprint of Sage Publications, Thousand Oaks, CA 2013.
        • Dennis R. Young, editor, Financing Nonprofits, Putting Theory Into Practice, National Center on Nonprofit Enterprise and Altamira Press, Lanham, MD, 2007.
        • John Zietlow, Jo Ann Hankin, Alan G. Seider, Financial Management for Nonprofit Organizations, Policies and Practices, John Wiley & Sons, Inc. Hoboken, NJ, 2007.