Abstract
The economies of processes always involve matter, energy, entropy, and information, and the consideration of economics leads to certain structures with minimum overall costs. Thermodynamic formulations impose directions and limits on the probability of processes; they also imply the use of scarce resources, and compare the efficiencies of conversion between different kinds of energies, which may be a necessary step in net energy analyses and energy policy discussions. Thermoeconomics combines thermodynamic principles with economic analysis. Therefore, it may bring some fundamental changes in the economic evolution, design, and maintenance of processes. Thermoeconomics usually concerns energy and economics for optimizing the design and operating conditions of thermal systems. The optimization of subsystems individually does not guarantee an optimum for the overall system, and often various design variables must be considered and optimized simultaneously. In the optimization, the cost of the thermal energy source plays an important role; change in fuel cost from one year to another and from one place to another will eventually affect the overall design and hence the economic considerations.
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