EBF 200Introduction to Energy and Earth Sciences Economics

3 credits · Energy Business and Finance · Penn State

Resource use decisions and their effect on local, national, and global development. EBF 200 Introduction to Energy and Earth Sciences Economics (3) (GS)(BA) This course meets the Bachelor of Arts degree requirements. Facing the challenge of ever-increasing demand for energy, and limited energy resources to meet those demands, will be one of the great problems/opportunities of the 21st century. This class will help students understand and discuss the current event items you hear about every day, and help to prepare many of you to work to address this challenge. This class introduces the economic method of analysis to the environmental and resource questions facing society. It introduces a "paradigm," a way of thinking, that has four elements : What advantages can be gained by using market forces? What are the drawbacks of the market ("market failures") that may lead to a rationale for government intervention? What are the drawbacks of using government intervention ("government failure")? How do you apply these three concepts to real-world situations?Examples are drawn from both the United State economy and from the worldwide community. Both analytical and quantitative methods are used to understand the environmental and resource challenges faced by modern society.