EEI_energy_and__Economics - EEI: Energy and Click to edit...

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Click to edit Master subtitle style 9/9/09 EEI: Energy and Economics
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9/9/09 Economics Economics is the study of the allocation of scarce resources If resources were not scarce we could consume as much as we want Is air a scarce resource? Is water a scarce resource? Modern neoclassical economic theory suggests that in most instances competitive markets are the best way to allocate scarce resources Natural monopoly
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9/9/09 Energy Energy: the ability to do work Law of conservation of Energy: energy cannot be created or destroyed Does this mean that energy is not scarce? Second law of thermodynamics: as we use energy to do work the quality of the energy is degraded So total energy is constant but it becomes more expensive to capture an use the energy Hence ‘useful’ energy is scarce
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9/9/09 Energy/Fuel Uses we may focus on Generation of electrical energy Fossil fuels Oil, natural gas, coal Nuclear Renewables Transportation Modes and Fuels Oil based fuels Gasoline and Diesel Alternative fuels
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9/9/09 Worldwide Energy Use
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This note was uploaded on 09/09/2009 for the course ENNEC 484W taught by Professor Considine,timothy during the Fall '09 term at Pennsylvania State University, University Park.

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EEI_energy_and__Economics - EEI: Energy and Click to edit...

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