EBF 200
Introduction to Energy and Earth Sciences Economics


Summary and Final Tasks


In this lesson, we studied the notions of wealth creation in markets - how both buyers and sellers can be made "better off" (increase their utility or profits) by participating in markets. We then addressed the concept that a market is a dynamic thing - it is constantly changing with time. Since we model a market by using two things: a demand curve and a supply curve - we are able to examine all changes in a market by movements of the supply and demand curves.

We looked at what happens to markets when supply and demand curves move. We then examined the root causes of movements of the supply and demand curves.

Have you completed everything?

You have reached the end of Lesson 4! Double check the list of requirements on the first page of this lesson to make sure you have completed all of the activities listed there.

Tell us about it!

If you have anything you'd like to comment on or add to the lesson materials, feel free to post your thoughts in the discussion forum in Canvas. For example, if there was a point that you had trouble understanding, ask about it.