Write a paper of no more than 1,050 words that explains the basic concepts of economics in the context of a single type of energy: oil, gas, electric, hydro, wind, solar, or nuclear energy. Explain how your selected energy type is affected by trends in global markets. Address specifically the issues of scarcity, determinants of demand and supply, market outcome, equilibrium, and elasticity.

Summarize the following in your paper:

How does the assessment vary between renewable or nonrenewable energy types? Why or why not? Keep in mind the concepts of scarcity or nonrenewable opportunity costs and incremental decision-making by producers and consumers as you distinguish between renewable and nonrenewable energy.