Dynamic pricingDynamic pricing, also referred to as surge pricing, demand pricing, or time-based pricing, is a revenue management pricing strategy in which businesses set flexible prices for products or services based on current market demands. Businesses are able to change prices based on algorithms that take into account competitor pricing, supply and demand, and other external factors in the market. Dynamic pricing is a common practice in several industries such as hospitality, tourism, entertainment, retail, electricity, and public transport.
Variable pricingVariable pricing is a pricing strategy for products. Traditional examples include auctions, stock markets, foreign exchange markets, bargaining, electricity, and discounts. More recent examples, driven in part by reduced transaction costs using modern information technology, include yield management and some forms of congestion pricing. Increasingly, sport venues, such as AT&T Park in San Francisco, have employed variable pricing to capture the most revenue possible out of consumers and fans.
Primary energyPrimary energy (PE) is the energy found in nature that has not been subjected to any human engineered conversion process. It encompasses energy contained in raw fuels and other forms of energy, including waste, received as input to a system. Primary energy can be non-renewable or renewable. Primary energy is used in energy statistics in the compilation of energy balances, as well as in the field of energetics. In energetics, a primary energy source (PES) refers to the energy forms required by the energy sector to generate the supply of energy carriers used by human society.
Thermodynamic temperatureThermodynamic temperature is a quantity defined in thermodynamics as distinct from kinetic theory or statistical mechanics. Historically, thermodynamic temperature was defined by Lord Kelvin in terms of a macroscopic relation between thermodynamic work and heat transfer as defined in thermodynamics, but the kelvin was redefined by international agreement in 2019 in terms of phenomena that are now understood as manifestations of the kinetic energy of free motion of microscopic particles such as atoms, molecules, and electrons.
TemperatureTemperature is a physical quantity that expresses quantitatively the perceptions of hotness and coldness. Temperature is measured with a thermometer. Thermometers are calibrated in various temperature scales that historically have relied on various reference points and thermometric substances for definition. The most common scales are the Celsius scale with the unit symbol °C (formerly called centigrade), the Fahrenheit scale (°F), and the Kelvin scale (K), the latter being used predominantly for scientific purposes.
Renewable energy commercializationRenewable energy commercialization involves the deployment of three generations of renewable energy technologies dating back more than 100 years. First-generation technologies, which are already mature and economically competitive, include biomass, hydroelectricity, geothermal power and heat. Second-generation technologies are market-ready and are being deployed at the present time; they include solar heating, photovoltaics, wind power, solar thermal power stations, and modern forms of bioenergy.
Carnot cycleA Carnot cycle is an ideal thermodynamic cycle proposed by French physicist Sadi Carnot in 1824 and expanded upon by others in the 1830s and 1840s. By Carnot's theorem, it provides an upper limit on the efficiency of any classical thermodynamic engine during the conversion of heat into work, or conversely, the efficiency of a refrigeration system in creating a temperature difference through the application of work to the system.
Wind turbineA wind turbine is a device that converts the kinetic energy of wind into electrical energy. , hundreds of thousands of large turbines, in installations known as wind farms, were generating over 650 gigawatts of power, with 60 GW added each year. Wind turbines are an increasingly important source of intermittent renewable energy, and are used in many countries to lower energy costs and reduce reliance on fossil fuels.
Water scarcityWater scarcity (closely related to water stress or water crisis) is the lack of fresh water resources to meet the standard water demand. There are two types of water scarcity namely physical and economic water scarcity. Physical water scarcity is where there is not enough water to meet all demands, including that needed for ecosystems to function. Arid areas for example Central and West Asia, and North Africa often experience physical water scarcity.
Steam turbineA steam turbine is a machine that extracts thermal energy from pressurized steam and uses it to do mechanical work on a rotating output shaft. Its modern manifestation was invented by Charles Parsons in 1884. Fabrication of a modern steam turbine involves advanced metalwork to form high-grade steel alloys into precision parts using technologies that first became available in the 20th century; continued advances in durability and efficiency of steam turbines remains central to the energy economics of the 21st century.
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).
History of thermodynamicsThe history of thermodynamics is a fundamental strand in the history of physics, the history of chemistry, and the history of science in general. Owing to the relevance of thermodynamics in much of science and technology, its history is finely woven with the developments of classical mechanics, quantum mechanics, magnetism, and chemical kinetics, to more distant applied fields such as meteorology, information theory, and biology (physiology), and to technological developments such as the steam engine, internal combustion engine, cryogenics and electricity generation.
