This book, a major revision and expansion of Peter H. Pearse's 1990 classic, provides this grounding. Updated and enhanced with advanced empirical presentation of materials, it covers the basic economic principles and concepts and their application to modern forest management and policy issues. Topics range from valuation of forest investments and unpriced forest goods and services to product markets, government intervention, property rights, taxation, and global issues of forests and the environment. Each chapter contains review questions and suggestions for further reading.