Economic Solution

Introduction:

Economics is a growing science. There is difference of opinion among economists about its definition which has a general acceptance. For the sake of convenience the set of definitions given by various economists are generally classified under three heads:

1-    Economics as a science of wealth

2-    Economics as a science of material welfare

3-    Economics as a science of scarcity and choice

Adam Smith was the founder of Economics. He in his famous book,” As Enquiry into the Nature and Causes of the Wealth of Nations,” Described Economics as a Science of Wealth.

Dr. Alfred Marshall gave economics a respectable place among social sciences. Dr. Alfred Marshall defined Economics as a “Study of mankind in the ordinary business of life, it examines that part of individual and social actions which is closely connected with the attainment and with the use of material requisites of well-being.”

Lionel Robbins gave his own definition of Economics. According to him, the definition of Economics given by him is superior to that the other because it does not contain and reference of the term material or welfare. It applies as much to the case of an isolated individual as to the complicated networking of society. It raises the status of Economics to that of science. It makes Economics a positive science which deals only with facts. It forbids the Economics to pass any value judgment of what is good or bad, right or wrong, etc.

The Theory of Production

It is the desire of every business firm that the factor of production is organized in such a manner that a given output can be produced at the lowest minimum cost in a specified period of time.

It is not necessary for a firm to combine the inputs in fixed proportions to achieve a particular level of output. A firm can use a set of alternative inputs to produce the same level of output. It may use relatively larger amount of labour with very little capital or relatively more of capital and less of labour.

Market Models

For understanding the operation of prices system, it is very essential that we should first know the meaning of the word market and the basic market structures or models. Prices, in a capitalistic economy, are determined under various market situations. At the one end commodities are brought and sold in a market where each seller finds many customers for his products and each customer many sellers.

In Economics, the term market refers to an area within which buyers and sellers are in communication with one another and within which exchange take place face to face between buyers and sellers and sometimes by telephone, telegraph cables etc. in the first case the area of the market is very restricted one. But in the latter, the market can be a worldwide. In the words of Lipsey,” A market is an area over which buyers and sellers negotiate for the exchange of a well-defined commodity.”

In today's world, everything is changing at fast paces. The changes that happen are witnessed everywhere. In technology everything is progressing rapidly, and commercial air conditioning is no exception to this trend. The fast paces in this area are due to the fact that modern economy and the continuously rising energy prices call for better and more economical solutions. Manufacturers are constantly in competition and striving to develop alternative technologies. With these alternative technologies specialists can obtain higher energy efficiency. In commercial conditions, energy efficiency is a prime factor for achieving economical heating and cooling in commercial air conditioning.

In the competition which is going on incessantly, innovations are always welcome. Innovations hold the promise of breakthrough solutions. With them it becomes easier to achieve more energy efficiency.

Energy efficient technologies are in the spotlight for developers. Commercial customers are always eager to welcome new and more energy efficient solutions and options. The strife for economies involves paying greater attention to energy efficient options.

Geothermal systems are not new, they have been on the stage for decades. Nowadays more and more attention is turned to them, and more manufacturers are willing to invest in them. Commercial customers are also aware of them and are interested in their wider promotion. The reason is that with geothermal systems the efficient heating and cooling are easy to achieve. With the envisaged further increase in energy costs, it is understandable why geothermal systems are envisaged to rise in popularity, including with commercial customers.

It is interesting to note that nowadays designers allot all their attention to the whole loop process and to its installation in house. Thus geothermal systems are designed and manufactured in the best way, to serve as environment friendly solutions which not only take a lot of care of the environment but also led to the achievement of massive savings.

Environment friendliness is a prime concern in all areas of technology, especially when devices and equipment are manufactured for commercial use. Not only the savings thanks to energy efficiency make geothermal systems appropriate green solutions. These systems are environment friendly because they do not harm the environment. The investments made in these systems efficiently pay off quickly, and the rewarding results inspire more and more commercial users to choose them as the solution for air conditioning on commercial scales.

It is true that initially there are investment needed, but the big picture which includes the long term use shows there are a lot of benefits in terms of savings. Customers should be taught about the approach to using geothermal systems, so that they can realise the benefits they are going to get by adopting them. The energy savings must be measured over the long period of time, so the economic benefits can be realised when customers think in the long term perspective.

The world is changing, and new approaches and solutions are mushrooming. In commercial air conditioning, the trends are the same. With geothermal systems customers can get an auspicious solution to their commercial needs for heating and cooling commercial premises and buildings.