Final answer:
An imbalance in Earth's energy leads to global warming or cooling, depending on whether energy accumulation or loss occurs. The Stefan-Boltzmann law governs the power radiated based on Earth's temperature, and entropy affects the availability of energy for work.
Step-by-step explanation:
If there was no balance of incoming and outgoing energy on Earth, it would lead to significant climate changes. An imbalance in this energy exchange means that either energy is being accumulated or lost from the Earth's system, which would result in either global warming or global cooling. For instance, if more energy is absorbed from the sun than is radiated back into space, the Earth would experience a temperature increase. The current balance is maintained to within approximately 1 W/m2, indicating a rather precise equilibrium.
Entropy also plays a role in this balance. High entropy indicates that less energy is available for doing work. Over time, as entropy increases, Earth's energy resources may diminish, leading to a decline in available energy for sustaining life and technology.
Moreover, Earth's climate system adheres to the Stefan-Boltzmann law, which dictates the power radiated by a body based on its temperature. Essentially, if more power in the form of heat is added to the planet, then the temperature will rise until the power radiated as infrared radiation equals the incoming power.