Final answer:
Energy conservation refers to the law of conservation of energy, which states energy cannot be created or destroyed, and the philosophy of reducing energy use through minimizing activities or improving efficiency.
Step-by-step explanation:
When discussing energy conservation, it is crucial to differentiate between two key concepts. The law of conservation of energy states that in an isolated system, the total amount of energy always remains constant; it can neither be created nor destroyed. It is an essential principle in physics that has stood the test of time and experimentation. A stark example reflecting this principle is Einstein's equation E = mc², which suggests that mass can be converted into energy. Conversely, the philosophy of energy conservation focuses on efforts to reduce energy usage by either minimizing activities, such as lowering thermostats, or by improving the efficiency of energy conversion in various tasks, like using energy-efficient appliances.
The concept of energy as the 'money of physics' can be useful. Just like currency, energy can change forms but is not lost in the process. The conservation of energy provides a reliable framework for understanding physical processes and for the development of cost-effective strategies in various fields, including conservation biology, where understanding the cost-benefit ratios of conservation actions can lead to more significant biological gains.