Smart Grids and Energy Storage Systems: Powering the Future of Energy In today’s rapidly evolving energy landscape, the push towards sustainability, efficiency, and reliability is stronger than ever. Traditional power grids, though robust in their time, are no longer sufficient to meet the demands of a modern, digital, and environmentally conscious society. This is where smart grids and energy storage systems (ESS) come into play — revolutionizing how electricity is generated, distributed, and consumed. What is a Smart Grid? A smart grid is an advanced electrical network that uses digital communication, automation, and real-time monitoring to optimize the production, delivery, and consumption of electricity. Unlike conventional grids, which operate in a one-way flow (from generation to end-user), smart grids enable a two-way flow of information and energy. Key Features of Smart Grids: Real-time monitoring of power usage and quality. Automated fault detection and rapid restoration. Int...
INTRODUCTION:
The origin of the term 'economics' lies in the Greek words Oiken and nomos which means 'laws of households'.
According to Alfred Marshall, economics is the study of mankind in the ordinary business of life.
According to Lionel Robbins, economics is a social science concerned with allocation of scarce resources among competing ends.
In modern meaning economics renders help in various matters of decision making like
a) Production decision : What to produce?
How to produce?
b) Exchange decision : What price to charge?
Whom to sell?
c) Consumption decision : What to consume?
How much to consume?
CLASSIFICATION OF ECONOMICS:
Ragnar Firsch has classified economic into two broad categories
1. Micro Economics
2. Macro Economics
Micro Economics:
The term micro have been derived from the Greek words Mikros which means 'small' Micro economics deals with behaviour of individuals for example that of a consumer or a producer or a market.
Macro Economics:
The term Macro have been derived from the Greek words Makros which mean 'Large'. Macro economics deals with the behaviour of aggregates for example national income, agricultural output, industrial output, total employment and unemployment etc.
SCOPE OF ECONOMICS:
The scope of economics means the limits of the subject matter of economics. Economics studies how wealth is produced, distributed, exchanged and consumed. So the scope of economics is broadly classified as under
a) Consumption:
Satisfaction of human wants is called Consumption. This explains how people behave in consumption of goods and services inorder to maximise their satisfaction.
b) Production:
Goods and services have to be produced with the help of factors of production. Production is another branch of economic.
c) Exchange:
Goods and services cannot be produced at one place or at one point of time. Goods produced by one are exchanged for the goods produced by the other.
d) Distribution:
Goods and services produced have to be paid for or rewarded. i.e) The land gets rent, labour gets wage, Capital gets interest and the organizer gets profit.
e) Public finance:
This branch of study in economics studies about the sources of revenue to the government and the principles governing the expenditure for the benefit of the people.