Introduction to Energy and Earth Sciences is an introduction to microeconomic fundamentals with a focus on the applications of economics to energy and environmental markets. We will introduce the economic method of analysis to the environmental and resource questions facing society. We will learn about the market forces, supply and demand and how they are formed from two concepts of law of Diminishing Returns and Diminishing Marginal Utility. We extend our knowledge by exploring factors such as market dynamics and market equilibrium, government intervention and market power. At the end we will apply these concepts to real life examples and address Climate Change and Carbon Policy, Resource Scarcity and Energy Security, and Changes in the Electricity Business.

Principles of Macroeconomics 2e covers the scope and sequence of most introductory economics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters. Changes made in Principles of Macroeconomics 2e are described in the preface and the transition guide to help instructors transition to the second edition. The first edition of Principles of Macroeconomics by OpenStax is available in web view here.

By the end of this section, you will be able to:
Contrast consumer surplus, producer surplus, and social surplus
Explain why price floors and price ceilings can be inefficient
Analyze demand and supply as a social adjustment mechanism