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Concept of Economics for Business | Article

   

Added on  2020-02-24

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Economics For Business1 ECONOMICS FOR BUSINESSStudents NameCourseProfessor’s nameUniversity(City)StateDate

Economics For Business2 Article Used: How the Far Right have Hijacked Australia s Energy Policy. Available at http://reneweconomy.com.au/far-right-hijacked-australias-energy-policy-11836/Essence of The storyThe article addresses energy based issues such as reliability and efficiency, climatechange and renewable forms of energy. Also, technological advancement in the field of theAustralian energy sector has been touched on .Specifically, the article briefly recognizes theimportance of renewable sources of energy ,mainly, solar and wind sources of energy(Parkinson2017)Through the article, it is proposed that renewable forms of energy be adopted due to theircheap nature and ready availability. Noteworthy, the article is based on the speech of an energyminister for New South Wales .Majorly, the article stipulates what Australia s energy policyought to embrace .There’s need to make energy more reliable ,affordable and up to date with thetechnological advancements for the benefit of the Australian people. Also, the article explores the importance of storing energy embraced through use ofrenewable sources of energy such as solar and windEconomic Concepts Based on the Article. Energy efficiency can be achieved through incorporation of reliable, renewable andenvironmental friendly sources and generation of energy .Energy efficiency. In addition, theaffordability of energy sources is vital for all economies and its consumers. Noteworthy, theAustralian government is yet to deliver affordable energy to its citizens(Wood 2016)Notably,

Economics For Business3South Australia s energy prices is considered the highest globally(Dayman,2017)Specifically,Consumers will experience price rises between 19.9 -16.1percent increment of prices fromEnergy Australia and Origin Energy thus the need for regulatory energy policy. High prices ofenergy will be burdensome and exploitative to consumers. Further, poverty will ensue from highpower prices (Dayman 2017) Undoubtedly, technological advancements have made life much easier and efficientthus the need to embrace modern ways of electricity generation. Further, the Australiangovernment is yet to afford reliable electricity for its citizens (Wood 2016) .Ideally, sources ofenergy ought to be reliable and sustainable. Usually, renewable sources of energy such as windand solar are considered ideal for energy generation due to their sustainability and cheap cost.However, the Australian economy is yet to fully and exclusively embrace renewable sources ofenergy thus the costly prices. Coal isn’t a reliable source of energy (Parkinson 2017).There’sneed to device ways of storing energy through modern technology to ensure back to back supplyof energy year in ,year out.Environmental friendliness is a concern for most energy generation players in the sensethat nonrenewable energy sources such as coal are pollutants to theenvironment .Essentially ,there’s need to reduce carbon emissions in relation to climate policytargets and environmental policies. Currently, the Australian energy policy has inadequateclimatic policies thus the need to harmonize energy policies with climatic goals for anenvironment-friendly energy efficient forms of energy (Wood 2016)According to thearticle ,there’s need to enact modern energy policy in harmony with climatic policies in order toprotect the environment from carbon emissions which are harmful to the environment. Through

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