Energy economics in the context of "Heating element"

A steam turbine or steam turbine engine is a machine or heat engine that extracts thermal energy from pressurized steam and uses it to do mechanical work utilising a rotating output shaft. Its modern manifestation was invented by Sir Charles Parsons in 1884. It revolutionized marine propulsion and navigation to a significant extent. 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. The largest steam turbine ever built is the 1,770 MW Arabelle steam turbine built by Arabelle Solutions (previously GE Steam Power), two units of which will be installed at Hinkley Point C Nuclear Power Station, England.

The steam turbine is a form of heat engine that derives much of its improvement in thermodynamic efficiency from the use of multiple stages in the expansion of the steam, which results in a closer approach to the ideal reversible expansion process. Because the turbine generates rotary motion, it can be coupled to a generator to harness its motion into electricity. Such turbogenerators are the core of thermal power stations which can be fueled by fossil fuels, nuclear fuels, geothermal, or solar energy. About 42% of all electricity generation in the United States in 2022 was by the use of steam turbines. Technical challenges include rotor imbalance, vibration, bearing wear, and uneven expansion (various forms of thermal shock).

Macroeconomics is a branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole. This includes regional, national, and global economies. Macroeconomists study topics such as output/GDP (gross domestic product) and national income, unemployment (including unemployment rates), price indices and inflation, consumption, saving, investment, energy, international trade, and international finance.

Macroeconomics and microeconomics are the two most general fields in economics. The focus of macroeconomics is often on a country (or larger entities like the whole world) and how its markets interact to produce large-scale phenomena that economists refer to as aggregate variables. In microeconomics, the focus of analysis is often a single market, such as whether changes in supply or demand are to blame for price increases in the oil and automotive sectors. From introductory classes in "principles of economics" through doctoral studies, the macro/micro divide is institutionalized in the field of economics. Most economists identify as either macro- or micro-economists.