Energy economics

The definition of Scarcity is.

• A limited amount of resources to meet unlimited wants and needs.

• An unlimited amount of resources to meet limited wants and needs

• a city where individuals commit themselves to unlimited wants and needs

• When people use time and energy to create events

 What is the fundamental problem of economics? 

• How to figure out the way to make the most money?

• How to keep consumers out of debt?

• How to fulfill our unlimited wants and needs with limited resources?

• How do we ensure all people get a college education?

Goal of energy economics

• Rationality

• Efficient

• Rationality and efficiently

• Effectiveness

What are some air pollution issues associated with fossil fuels?

• Climate change

• Acid Rain

• Ground-level ozone

• All of the above

Define a market.

POINT A:

POINT X:

POINT Y:

Production Possibility Frontier is a curve that illustrates the possible quantities that can be produced of two products if both depend upon the same finite resource for their manufacture.

• True.

• False.

The value of the next-highest-valued alternative use of that resource.

• Opportunity cost

• Trade off

• Efficiency

• Rationality

What Is Marginal Benefit?