The basic principles of thermoelectrics rely on the coupling of entropy and electric charge. However, the long-standing dispute of energetics versus entropy has long paralysed the field. Herein, it is shown that treating entropy and electric charge in a symmetric manner enables a simple transport equation to be obtained and the power conversion and its efficiency to be deduced for a single thermoelectric material apart from a device. The material’s performance in both generator mode (thermo-electric) and entropy pump mode (electro-thermal) are discussed on a single voltage-electrical current curve, which is presented in a generalized manner by relating it to the electrically open-circuit voltage and the electrically closed-circuited electrical current. The electrical and thermal power in entropy pump mode are related to the maximum electrical power in generator mode, which depends on the material’s power factor. Particular working points on the material’s voltage-electrical current curve are deduced, namely, the electrical open circuit, electrical short circuit, maximum electrical power, maximum power conversion efficiency, and entropy conductivity inversion. Optimizing a thermoelectric material for different working points is discussed with respect to its figure-of-merit zT and power factor. The importance of the results to state-of-the-art and emerging materials is emphasized.