STUDY GUIDE DEPARTMENT OF FORESTRY
FOG403- Forest Economics and Appraisal (2L, 2P)
Basic economic concepts, the tools of economic analysis. Market structure, demand, supply and equilibrium. The price elasticity of demand, Marginal analysis, inputs - outputs, costs and production. Timber prices in a market economy. The forest as capital, interest rates, discounting and compounding payment series. Timber production economics, economic analysis of non-market benefits, forest appraisal, trade, forest industries. Forestry and regional economic analysis.