Unit Code: FPM500

Unit Name: Introduction to Forest Economics

Description: The syllabus covers forestry's economic perspective, law of demand and supply, movement along vs. shift in the demand, timber supply, demand and pricing, short-term and long-term supply, price elasticity of demand, income elasticity of demand, price elasticity of supply, cross elasticity of demand, calculating elastic of demand, elastic and inelastic demand curve, short and long term, sole proprietorship, partnership, company, advantages & disadvantages, firm, sole proprietorship, partnership, advantages & disadvantages, social economics analysis, Fiji forestry firms economic efficiency and market failures in forestry, priceless forest values, land allocation and multiple use, valuation over time and investment criteria, the optimum forest rotation, regulating harvests over time, property rights and tenure systems, taxes and other charges & developments in Forestry Economics.

Learning Target Outcomes:

Prerequisite: N/A

Prerequisite Sentence: Student must be enrolled in the programme.

Credit Point: 15

Offered In: Semester 1