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Efficiency is the often measurable ability to avoid making mistakes or wasting materials, energy, efforts, money, and time while performing a task. In a more general sense, it is the ability to do things well, successfully, and without waste.
An inverse way of looking at the issue would be an 'economic energy efficiency,' or economic rate of return on its consumption of energy: how many economic units of GDP are produced by the consumption of units of energy. Referring to the above examples, 1 million Btus consumed with an energy intensity of 8,553 produced $116.92 of GDP for the US ...
Energy economics is a broad scientific subject area which includes topics related to supply and use of energy in societies. [1] Considering the cost of energy services and associated value gives economic meaning to the efficiency at which energy can be produced. [ 2 ]
The electrical energy input of this cell is 1.20 times greater than the theoretical minimum so the energy efficiency is 0.83 compared to the ideal cell. A water electrolysis unit operating with a higher voltage that 1.48 V and at a temperature of 25 °C would have to have heat energy removed in order to maintain a constant temperature and the ...
Second, increased energy efficiency increases real incomes and leads to increased economic growth, which pulls up energy use for the whole economy. At the microeconomic level (looking at an individual market), even with the rebound effect, improvements in energy efficiency usually result in reduced energy consumption. [18]
Fuel efficiency (or fuel economy) is a form of thermal efficiency, meaning the ratio of effort to result of a process that converts chemical potential energy contained in a carrier into kinetic energy or work.
Efficient energy use, or energy efficiency, is the process of reducing the amount of energy required to provide products and services. There are many technologies and methods available that are more energy efficient than conventional systems.
The mainstream view is that market economies are generally believed to be closer to efficient than other known alternatives [4] and that government involvement is necessary at the macroeconomic level (via fiscal policy and monetary policy) to counteract the economic cycle – following Keynesian economics. At the microeconomic level there is ...