Contents: Preface and Acknowledgements. 1. Forest economics: Definitions, concepts and importance of forestry in economic development. 2. Theory of demand and demand schedule. 3. Theory of firm, land, labour, capital and forms of business organisation. 4. Law of diminishing marginal utility, law of equi-marginal utility and laws of returns. 5. Cost concepts, law of supply, theories of rent, wage interest and profit, basics of linear programming and money. 6. Consumption and theory of consumer behaviour. 7. Project planning and valuation of timber and non-timber forest products. 8. Production and utilization of forest resource. 9. Forests, economy, sustainability and forest policies. Bibliography. Annexure. Index.