Economic efficiencyIn microeconomics, economic efficiency, depending on the context, is usually one of the following two related concepts: Allocative or Pareto efficiency: any changes made to assist one person would harm another. Productive efficiency: no additional output of one good can be obtained without decreasing the output of another good, and production proceeds at the lowest possible average total cost. These definitions are not equivalent: a market or other economic system may be allocatively but not productively efficient, or productively but not allocatively efficient.
Energy conversion efficiencyEnergy conversion efficiency (η) is the ratio between the useful output of an energy conversion machine and the input, in energy terms. The input, as well as the useful output may be chemical, electric power, mechanical work, light (radiation), or heat. The resulting value, η (eta), ranges between 0 and 1. Energy conversion efficiency depends on the usefulness of the output. All or part of the heat produced from burning a fuel may become rejected waste heat if, for example, work is the desired output from a thermodynamic cycle.
Electric utilityAn electric utility is a company in the electric power industry (often a public utility) that engages in electricity generation and distribution of electricity for sale generally in a regulated market. The electrical utility industry is a major provider of energy in most countries. Electric utilities include investor owned, publicly owned, cooperatives, and nationalized entities. They may be engaged in all or only some aspects of the industry.
Thermal efficiencyIn thermodynamics, the thermal efficiency () is a dimensionless performance measure of a device that uses thermal energy, such as an internal combustion engine, steam turbine, steam engine, boiler, furnace, refrigerator, ACs etc. For a heat engine, thermal efficiency is the ratio of the net work output to the heat input; in the case of a heat pump, thermal efficiency (known as the coefficient of performance) is the ratio of net heat output (for heating), or the net heat removed (for cooling) to the energy input (external work).
Hydraulic headHydraulic head or piezometric head is a specific measurement of liquid pressure above a vertical datum. It is usually measured as a liquid surface elevation, expressed in units of length, at the entrance (or bottom) of a piezometer. In an aquifer, it can be calculated from the depth to water in a piezometric well (a specialized water well), and given information of the piezometer's elevation and screen depth. Hydraulic head can similarly be measured in a column of water using a standpipe piezometer by measuring the height of the water surface in the tube relative to a common datum.
High dynamic rangeHigh dynamic range (HDR) is a dynamic range higher than usual, synonyms are wide dynamic range, extended dynamic range, expanded dynamic range. The term is often used in discussing the dynamic range of various signals such as s, videos, audio or radio. It may apply to the means of recording, processing, and reproducing such signals including analog and digitized signals. The term is also the name of some of the technologies or techniques allowing to achieve high dynamic range images, videos, or audio.
Electrical efficiencyThe efficiency of a system in electronics and electrical engineering is defined as useful power output divided by the total electrical power consumed (a fractional expression), typically denoted by the Greek small letter eta (η – ήτα). If energy output and input are expressed in the same units, efficiency is a dimensionless number. Where it is not customary or convenient to represent input and output energy in the same units, efficiency-like quantities have units associated with them.
Marginal utilityIn economics, utility refers to the satisfaction or benefit that consumers derive from consuming a product or service. Marginal utility, on the other hand, describes the change in pleasure or satisfaction resulting from an increase or decrease in consumption of one unit of a good or service. Marginal utility can be positive, negative, or zero. For example, when eating pizza, the second piece brings more satisfaction than the first, indicating positive marginal utility.
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.
PumpA pump is a device that moves fluids (liquids or gases), or sometimes slurries, by mechanical action, typically converted from electrical energy into hydraulic energy. Mechanical pumps serve in a wide range of applications such as pumping water from wells, aquarium filtering, pond filtering and aeration, in the car industry for water-cooling and fuel injection, in the energy industry for pumping oil and natural gas or for operating cooling towers and other components of heating, ventilation and air conditioning systems.
