P=IV vs. P=I^2R?

[going2breakdown]

Can somebody please explain to me the difference between P=IV and P=I^2R? i.e. when is each one used and how... It seems to me that for each individual resistor we use P=IV but for the circuit as a whole we use P=I^2R

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[NuttyEngDude]

Hello!

This is a good reference:
http://forums.studentdoctor.net/showthread.php?t=940776

 

[Sea Anemone]

It's not P = I²V, it's P = I²R.

V = IR
P = IV = I²R

 

[going2breakdown]

I made the correction, thanks for pointing that out.