Originally Posted by
kenwhite
Wade, you do inderstand most of it.
The 240 VAC load does not use a common, it uses 2 hots that both see the same current through them, and a safety ground that does not see any power current unless there is a fault.
If you look at the load as a constant power, where voltage x current = power, you can see that when the voltage is doubled, the current through the line is reduced to half.
Since current through the line is the primary limiting factor when sizing cables, a 240 VAC branch can use a larger AWG, smaller diameter, cable for the same power load.
Cables and breakers are sized by the National Electric Code (NEC).
Oh, the reason a Dryer connection uses 4 wires -> 2 hots, a common, and a safety ground, is because it typically needs 240 VAC for the heating element and 120 VAC for the control, sensor and lamps.