Earth System Function and Measurement - Energy Part

Vocabulary flashcards for Earth System Function and Energy, encompassing key terms and concepts from the course material.

Upstream

Pulling resources from the ground.

Midstream

Transporting and refining/processing energy resources.

Downstream

Using minerals in consumer products.

Inelastic Supply

Supply that cannot be changed in the short run.

Elastic Supply

Supply that can be changed in the long run.

Cost Function

Functional relationship between cost and output.

Explicit Costs

Out-of-pocket expenses, money actually paid.

Opportunity Cost

Potential benefit lost by choosing one alternative over another.

Sunk Costs

Costs that cannot be recovered.

Variable Costs

Costs that vary with output.

Fixed Costs

Costs that do not change with production levels.

Capacity Constraints

Limits on the amount of production a mine can achieve.

Co-products

Secondary minerals that affect production decisions.

By-products

Minerals extracted as a secondary product of another mineral.

Economic Depreciation

Loss of value due to wear and tear.

Renewables Obligation (RO)

A UK government policy to promote renewable energy sourcing.

Contracts for Difference (CfD)

A mechanism guaranteeing a fixed price for electricity.

Feed-in Tariff (FiT)

Payments to energy producers for renewable energy generated.

Natural Gas

A fossil fuel often found with petroleum.

Liquefied Natural Gas (LNG)

Natural gas that is cooled to form a liquid.

Petroleum

A liquid fossil fuel used primarily in transportation.

Coal

A solid fossil fuel formed from organic material.

Mining Costs

Costs associated with extracting minerals from the earth.

Transportation Costs

Costs related to moving resources from one place to another.

Mineral Supply Curves

Graphs showing the relationship between price and quantity supplied.

Demand-side Management

Strategies to manage consumer demand for energy.

Intermittency

Variability in energy supply, especially with renewables.

Levelized Cost of Electricity (LCOE)

A measure of the average net present cost of electricity generation.

Carbon Capture and Storage

Technologies designed to capture and store carbon dioxide emissions.

Markets Integration

The merging of various regional energy markets into a global market.

Electricity Generation

The process of generating electrical power from other sources.

Hydroelectric Power

Electricity generated by the flow of water.

Philosophy of Energy

Study of the implications and sociocultural contexts of energy use.

Technological Change

Innovations that improve production efficiency or reduce costs.

Energy Access

The ability for all individuals to access modern energy services.

Environmental Constraints

Limitations on energy production due to environmental regulations.

Grid Integration

Efforts to connect renewable energy sources to the electricity grid.

Batteries

Devices that store electrical energy for use when needed.

Geological Resources

Natural resources derived from the earth, including minerals and fossil fuels.

Economics of Nuclear Power

Financial analysis of nuclear energy production.

Uranium

An element used as fuel in nuclear reactors.

Coking Coal

Coal used primarily to produce coke for steel manufacturing.

Transportation Energy Sources

Sources of energy used in the transportation sector.

Electric Utilities

Corporations that generate, transmit, and distribute electricity.

Land Economics

Study of the use and management of land resources.

Regulatory Environment

Laws and regulations affecting energy markets.

Subsidies

Financial support provided by governments to lower producers' costs.

Deregulation

Reduction of government rules in an industry to promote competition.

Market Volatility

Fluctuations in price that cause uncertainty in the market.

Strategic Passages

Chokepoints for oil transport that impact global supply.

Disamenity Impact

Negative effects on property values due to nearby energy projects.

Research & Development

Investment in new technologies and practices for energy efficiency.

Public Acceptance

Willingness of the public to support energy projects.

Biomass

Organic material used as an energy source.

Long-term Trends

Persistent patterns in energy production and consumption over time.

Energy Transition

The shift from fossil fuels to renewable energy sources.

Carbon Pricing

Economic strategy for reducing greenhouse gas emissions.

Renewable Energy Sector

Industry focused on energy derived from renewable sources.

Energy Policy

Government guidelines for energy production and consumption.

Micro-generation

Small-scale production of energy, often from renewable resources.

Heating and Cooling

Energy used for temperature regulation in buildings.

Energy Efficiency

Using less energy to provide the same service.

Technological Capability

The ability to effectively use and develop technology.

Electricity Storage

Storing electricity for future use to balance supply and demand.

Global Energy Market

The international trade of energy resources and commodities.

Import Dependence

Reliance on foreign energy sources for supply.

Investment Risk

Potential losses associated with financial investments.

Resource Allocation

Distribution of resources among competing demands.

Supply Chain

The system that moves a product from acquisition to end user.

Geopolitical Factors

Political and economic influences shaped by geography.

Economic Impact

Effects of energy production on the economy.

Resource Markets

Markets where natural resources are bought and sold.

Fairness in Energy Pricing

Equity in the cost of energy supply across different demographics.

Revenue Generation

Earning income from selling energy products.

Network Reliability

Dependability of the energy grid to deliver consistent service.

Consumer Demand

The total quantity of energy consumers want at various prices.

Market Conditions

Current state influencing supply and demand.

Regulatory Framework

Laws and guidelines governing market operations.

Energy Mix

Combination of various sources of energy used in a region.

Policy Incentives

Government encouragement aimed at promoting specific activities or technologies.

Investment Opportunities

Potential options for funding and developing new projects.

Sustainability Goals

Targets set to promote long-term ecological health.

Energy Security

Ensuring reliable access to energy resources.

Economic Growth

Increase in the demand for energy correlated with economic expansion.

Emission Standards

Regulations limiting the amount of pollutants released into the atmosphere.

Supply-and-Demand Dynamics

The relationship between the availability of a resource and the desire for it.

Market Players

Participants in the energy market including producers and consumers.

Energy Resource Management

Strategic planning for efficient use of energy resources.

Environmental Regulations

Laws aimed at protecting the environment from harmful energy practices.

World Energy Outlook

Annual report assessing global energy trends.

Value Chain

The series of steps an energy product goes through from production to consumption.

Market Competition

Rivalry among sellers in the energy sector.

Energy Infrastructure

Structures required for energy production and distribution.

Technological Obsolescence

The process where technology is no longer used due to advancements.

Investment in Renewable Technologies

Funding aimed at developing alternative energy sources.

Climate Change Policies

Strategies enacted to mitigate climate change effects.