Fundamental theorems of welfare economicsThere are two fundamental theorems of welfare economics. The first states that in economic equilibrium, a set of complete markets, with complete information, and in perfect competition, will be Pareto optimal (in the sense that no further exchange would make one person better off without making another worse off). The requirements for perfect competition are these: There are no externalities and each actor has perfect information. Firms and consumers take prices as given (no economic actor or group of actors has market power).
PricingPricing is the process whereby a business sets the price at which it will sell its products and services, and may be part of the business's marketing plan. In setting prices, the business will take into account the price at which it could acquire the goods, the manufacturing cost, the marketplace, competition, market condition, brand, and quality of product. Pricing is a fundamental aspect of product management and is one of the four Ps of the marketing mix, the other three aspects being product, promotion, and place.
Market clearingIn economics, market clearing is the process by which, in an economic market, the supply of whatever is traded is equated to the demand so that there is no excess supply or demand, ensuring that there is neither a surplus nor a shortage. The new classical economics assumes that in any given market, assuming that all buyers and sellers have access to information and that there is no "friction" impeding price changes, prices constantly adjust up or down to ensure market clearing.
Market economyA market economy is an economic system in which the decisions regarding investment, production and distribution to the consumers are guided by the price signals created by the forces of supply and demand. The major characteristic of a market economy is the existence of factor markets that play a dominant role in the allocation of capital and the factors of production.
Power system operations and controlPower system operations is a term used in electricity generation to describe the process of decision-making on the timescale from one day (day-ahead operation) to minutes prior to the power delivery. The term power system control describes actions taken in response to unplanned disturbances (e.g., changes in demand or equipment failures) in order to provide reliable electric supply of acceptable quality. The corresponding engineering branch is called Power System Operations and Control.
Dispatchable generationDispatchable generation refers to sources of electricity that can be programmed on demand at the request of power grid operators, according to market needs. Dispatchable generators may adjust their power output according to an order. Non-dispatchable renewable energy sources such as wind power and solar photovoltaic (PV) power cannot be controlled by operators. Other types of renewable energy that are dispatchable without separate energy storage are hydroelectric, biomass, geothermal and ocean thermal energy conversion.
Market socialismMarket socialism is a type of economic system involving social ownership of the means of production within the framework of a market economy. Various models for such a system exist, usually involving some mix of public, cooperative, and privately owned enterprises. The central idea is that, as in capitalism, businesses compete for profits, however they will be "owned, or at least governed," by those who work in them. Market socialism differs from non-market socialism in that the market mechanism is utilized for the allocation of capital goods and the means of production.
Pricing strategiesA business can use a variety of pricing strategies when selling a product or service. To determine the most effective pricing strategy for a company, senior executives need to first identify the company's pricing position, pricing segment, pricing capability and their competitive pricing reaction strategy. Pricing strategies and tactics vary from company to company, and also differ across countries, cultures, industries and over time, with the maturing of industries and markets and changes in wider economic conditions.
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.
London congestion chargeThe London congestion charge is a fee charged on most cars and motor vehicles being driven within the Congestion Charge Zone (CCZ) in Central London between 7:00 am and 6:00 pm Monday to Friday, and between 12:00 noon and 6:00 pm Saturday and Sunday. Inspired by Singapore's Electronic Road Pricing (ERP) system after London officials had travelled to the country, the charge was first introduced on 17 February 2003. The London charge zone is one of the largest congestion charge zones in the world, despite the removal of the Western Extension which operated between February 2007 and January 2011.
DataIn common usage and statistics, data (USˈdætə; UKˈdeɪtə) is a collection of discrete or continuous values that convey information, describing the quantity, quality, fact, statistics, other basic units of meaning, or simply sequences of symbols that may be further interpreted formally. A datum is an individual value in a collection of data. Data is usually organized into structures such as tables that provide additional context and meaning, and which may themselves be used as data in larger structures.
Hybrid powerHybrid power are combinations between different technologies to produce power. In power engineering, the term 'hybrid' describes a combined power and energy storage system. Examples of power producers used in hybrid power are photovoltaics, wind turbines, and various types of engine-generators - e.g. diesel gen-sets. Hybrid power plants often contain a renewable energy component (such as PV) that is balanced via a second form of generation or storage such as a diesel genset, fuel cell or battery storage system.
