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Forest Economics

FOR330 - University of Montana Study Guide (Midterm)

What is a natural resource? A scarce (relative to demand) item that is not man-made. They are a factor of production that is not man-made. They include fund, flow and biological resources. They are scarce. What is concidered a natural resource can vary over time with technology an
What is a flow resource? Flow resources become available over time in quantities and qualities beyond human control and must be used when available or they will be wasted.
What is a fund resource? A fund resource is a stored flow resource.
What is an example of a biological resource? Crops, forests, and animal populations.
What is an example of a direct use value? The use of water in a manufacturing process.
What is an example of an indirect use value? Nutrient cycling, carbon cycling and biodiversity.
What is an extractive value? timber, gold, silver, copper, ect.
What is a non-extractive value? whale watching and rock climbing.
What is the defination of bequest value? The willingness of someone to pay to ensure that future generations can have a natural resource or a general level of environmental quality available to them.
What is the defination of existance value? The willingness of someone to pay to ensure that something continues to exist, even if the person never intends to use or consume it. (Free-roaming African wildlife)
Name four values to society that forests provide. Wildlife habitat, carbon sequestation, soil protection, and watershed protection.
The law of diminishing returns states that: whenever you have a fixed production unit, the marginal benefits generated by that production unit from marginal inputs will ultimately decline.
Adam Smith, in The Wealth of Nations, argues that people acting in their own self-interest will... tend to promote general economic well being.
Suppose the entry fee per visitor to a national park increases. What happens to the consumer surplus of recreationists visiting the park? It decreases.
For a particular good, a 2 percent increase in price causes a 12 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good? The good is a luxuray.
In our discussion of sustained yield management of the public forest estate, we saw that maintaining a constant supply of logs to industry: is not economically efficient
In this course, we have adopted the Kaldor-Hicks compensation criterion (also known as the potential Pareto improvement criterion) to compare social welfare outcomes for alternative natural resource management policies. In the contect of a consumer, prod maximises total surplus.
Public goods are distinguished by two primary characteristics. These are: non-rivalry and non-excludability.
Monopsonies and oligopsonies are common in the primary processing (e.g. logging and sawmilling) sector of the timber industry. What is this likely to mean for timber growers? Lower stumpage prices and lower quantities of stumpage demanded than would be expected in a competitive market for stumpage.
A Pigouvian tax should be set equal to the divergence between private and social costs.
Reduction of pollution emissions can be accomplished with: moral suasion, government production of envirnmental quality, command and control regulations, and ecconomic incentives.
Assumptions behind the Coase Theorem include: small number of parties involved, small transaction costs.
Market failure is the inability of the market to allocate resources efficently, that is to the point where marginal social benefits are equal to marginal social costs.
Created by: JGILL40167



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