Allocative efficiencyAllocative efficiency is a state of the economy in which production is aligned with consumer preferences; in particular, the set of outputs is chosen so as to maximize the wellbeing of society. This is achieved if every good or service is produced up until the last unit provides a marginal benefit to consumers equal to the marginal cost of production. In economics, allocative efficiency entails production at the point on the production possibilities frontier that is optimal for society.
Electric motorAn electric motor is an electrical machine that converts electrical energy into mechanical energy. Most electric motors operate through the interaction between the motor's magnetic field and electric current in a wire winding to generate force in the form of torque applied on the motor's shaft. An electric generator is mechanically identical to an electric motor, but operates with a reversed flow of power, converting mechanical energy into electrical energy.
General MotorsGeneral Motors (GM), formally the General Motors Company, is an American multinational automotive manufacturing company headquartered in Detroit, Michigan, United States. By sales, it was the largest automaker in the United States in 2022, and was the largest in the world for 77 years before losing the top spot to Toyota in 2008. General Motors operates manufacturing plants in eight countries. Its four core automobile brands are Chevrolet, GMC, Buick, and Cadillac.
Power inverterA power inverter, inverter or invertor is a power electronic device or circuitry that changes direct current (DC) to alternating current (AC). The resulting AC frequency obtained depends on the particular device employed. Inverters do the opposite of rectifiers which were originally large electromechanical devices converting AC to DC. The input voltage, output voltage and frequency, and overall power handling depend on the design of the specific device or circuitry. The inverter does not produce any power; the power is provided by the DC source.
Productive efficiencyIn microeconomic theory, productive efficiency (or production efficiency) is a situation in which the economy or an economic system (e.g., bank, hospital, industry, country) operating within the constraints of current industrial technology cannot increase production of one good without sacrificing production of another good. In simple terms, the concept is illustrated on a production possibility frontier (PPF), where all points on the curve are points of productive efficiency.
Pareto efficiencyPareto efficiency or Pareto optimality is a situation where no action or allocation is available that makes one individual better off without making another worse off. The concept is named after Vilfredo Pareto (1848–1923), Italian civil engineer and economist, who used the concept in his studies of economic efficiency and income distribution. The following three concepts are closely related: Given an initial situation, a Pareto improvement is a new situation where some agents will gain, and no agents will lose.
RectifierA rectifier is an electrical device that converts alternating current (AC), which periodically reverses direction, to direct current (DC), which flows in only one direction. The reverse operation (converting DC to AC) is performed by an inverter. The process is known as rectification, since it "straightens" the direction of current. Physically, rectifiers take a number of forms, including vacuum tube diodes, wet chemical cells, mercury-arc valves, stacks of copper and selenium oxide plates, semiconductor diodes, silicon-controlled rectifiers and other silicon-based semiconductor switches.
Induction heatingInduction heating is the process of heating electrically conductive materials, namely metals or semi-conductors, by electromagnetic induction, through heat transfer passing through an inductor that creates an electromagnetic field within the coil to heat up and possibly melt steel, copper, brass, graphite, gold, silver, aluminum, or carbide. An important feature of the induction heating process is that the heat is generated inside the object itself, instead of by an external heat source via heat conduction.
Traction motorA traction motor is an electric motor used for propulsion of a vehicle, such as locomotives, electric or hydrogen vehicles, or electric multiple unit trains. Traction motors are used in electrically powered railway vehicles (electric multiple units) and other electric vehicles including electric milk floats, trolleybuses, elevators, roller coasters, and conveyors, as well as vehicles with electrical transmission systems (diesel-electric locomotives, electric hybrid vehicles), and battery electric vehicles.
Current sourceA current source is an electronic circuit that delivers or absorbs an electric current which is independent of the voltage across it. A current source is the dual of a voltage source. The term current sink is sometimes used for sources fed from a negative voltage supply. Figure 1 shows the schematic symbol for an ideal current source driving a resistive load. There are two types. An independent current source (or sink) delivers a constant current. A dependent current source delivers a current which is proportional to some other voltage or current in the circuit.
