12.0 Professor I S Ferguson. First semester 36 hours of lectures and 36 hours of tutorials, seminars and practicals in total. On completion of this subject, students should: be familiar with the fundamental concepts of microeconomics, and financial and business management in forestry; have an understanding of key elements of macroeconomic theory, as they relate to forestry; be familiar with the fundamental applications of economics to forestry and natural resources; be able to apply simple economic analyses to forestry problems. Microeconomic theory: supply and demand; utility theory and indifference curves; the theory of the firm; the economics of production; price theory; competition; international markets. Macroeconomics: national accounting; Government policy; foreign exchange and international markets. Forestry and natural resource applications of economic theory. Cost-Benefit analysis. Financial and business management in forestry. One 3-hour examination at the end of semester (70%). Up to five practical reports, each of no more than three pages (30%). To be advised