Final answer:
The university is faced with mutually exclusive projects when deciding on upgrading the existing football stadium or building a new one. This decision requires analyzing economic impacts, as sports stadiums contribute notably to local economies and may involve public financing.
Step-by-step explanation:
The university's decision between upgrading the current football stadium or investing in a new one closer to campus involves mutually exclusive projects. This term is used because the university will choose one project over the other, and the decision to proceed with one option inherently excludes the other.
Such projects often require comprehensive analysis including costs, benefits, and potential economic impact, especially considering that building sports stadiums can be part of an economic development strategy aimed at creating jobs and stimulating business growth. The potential influence on local businesses and job markets can be significant, and sometimes public financing is considered to offset some of the costs.