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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 ]
Common energy efficiency label on appliances to indicate their energy efficiency in a clear manner. 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.
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 ...
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.
In economics, the Jevons paradox (/ ˈ dʒ ɛ v ə n z /; sometimes Jevons effect) occurs when technological advancements make a resource more efficient to use (thereby reducing the amount needed for a single application); however, as the cost of using the resource drops, if the price is highly elastic, this results in overall demand increases ...
In the latter case, there is no way to do a better job, given the available resources and technology. Sometimes, this type of economic efficiency is referred to as the Koopmans efficiency. [1] Keynesian inefficiency might be defined as incomplete use of resources (labor, capital goods, natural resources, etc.) because of inadequate aggregate ...
Energy-efficiency standards have been expanded and strengthened for appliances, building equipment, and lighting. For example, appliances and equipment standards are being developed for a new range of devices, including reduction goals for "standby" power that keeps consumer electronic products in a ready-to-use mode. [10]