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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 ]
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Welfare economics is a branch of economics that uses microeconomic techniques to evaluate economic well-being, especially relative to competitive general equilibrium, with a focus on economic efficiency and income distribution. [13] In general usage, including by economists outside the above context, welfare refers to a form of transfer payment ...
In microeconomics, economic efficiency, depending on the context, is usually one of the following two related concepts: [1] Allocative or Pareto efficiency : any changes made to assist one person would harm another.
Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. [ 9 ] Robbins describes the definition as not classificatory in "pick[ing] out certain kinds of behaviour" but rather analytical in "focus[ing] attention on a particular aspect of behaviour, the form imposed by the ...
Energy balance, in terms of energy economics, is concerned with all processes within an organization that have a reference to energy. It derives from the ecobalance and has the ambition to analyze and verify the emergence, transformation and use of energy resources in an organization in detail. [ 1 ]
Ecological economics generally rejects the view of energy economics that growth in the energy supply is related directly to well-being, focusing instead on biodiversity and creativity – or natural capital and individual capital, in the terminology sometimes adopted to describe these economically.
Energy efficiency refers to changes in equipment and behavior that result in increased energy services per unit of energy consumed, while behavioral changes that reduce energy use are often referred to as energy conservation. Energy intensity which measures energy consumption per Gross Domestic Product (GDP) is one indicator of energy efficiency.