What is Forest Economics, what is its practical importance in the field of Forestry?
What is Forest Economics, what is its practical importance in the field of Forestry?
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“Forest economics is the economics of forestry which deals with the resource management and management of forest products, conservation, and distribution. It considers the subjects individually and collectively in the form of forest economy”.
Practical Importance
- Forest economics addresses the economic problems involving in buying, selling and management of forest land used for water resources, wildlife and some other produce.
- Forest economics also deals with economic problems of growing, protecting, harvesting and marketing of forest products.
- Forest economics is concerned about forest land related human and industrial resources to satisfy human wants.
- Forest economics identifies and analyzes the cost and return from various forest resources. On the basis of these information owners of the forest estimates the return from their crops and make the decision whether to harvest their trees or continue growing the field.
- Forest economics uses different economic models to analyze the realistic view of supply and demand situation. Economic models are usually used to explain or predict the situation.
- Forest economics help the farmer to make the decision about harvesting, transportation, and marketing of wood or wood products. Because the effect of most forest management decision becomes evident only after the considerable lapse of time, guides for evaluating the probable results of such decisions are extremely useful.
- Forest economics is concerned with applying the tools of economics analyzing the problems of forest production, demand, and supply. To a forest economist, the demand for forest product is the functional relationship between the quantities of a commodity or services that buyer willing and able to purchase at different prices during a specified time.
There is no difference in the ordinary economics and forest economics. Most economists would probably agree that forestry calls for economics that is no different from standard economic theory. But several features of forestry, when considered together, create challenging problems although they are not unique to forestry.
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