Physical implications of the thermodynamic inequality derived in the p
receding paper are examined in the context of Carnot-like cyclic proce
sses. In terms of the power P and the degradation D associated with su
ch a process, a geometrical picture is developed which vividly describ
es a number of important results. Our picture also leads to the concep
t of time efficiency as a natural complement to the concept of power e
fficiency. Extensions to Carnot-like refrigerators and heat pumps are
carried out. Finally, the influence of a heat leak between the two res
ervoirs is analyzed.