NATRS 301 - Resource Economics

Credits: 5
Emphasizes the practical understanding of distribution of limited resources be it financial or physical. Financial topics include forest resource valuation and financial analysis concepts, inflation, risk and uncertainty, taxes related to both property ownership, and business and financial decision making. Students become familiar with parts of a contract including boilerplate clauses and specialized terms related to logging, road building and timber sales. Covers timber sale and unit appraisal. Labs focus on computational problems and associated computer software used in the forest management industry.

Prerequisite: NATRS 180 or MATH& 141 or higher; or instructor’s permission.

Course Outcomes:
Students who successfully complete this class will be able to:

Explain forest resource valuation in the context of private and public lands.
Complete basic financial analysis for various forest operations and practices using acceptable industry standard software programs.
Compare and contrast inflation, risk and uncertainty in financial decision making.
Appraise taxes and fees associated with forest ownership and resource extraction.
Compose and evaluate standard contracts for a variety of forestry activities.

Program Outcomes

Attain a job in the Natural Resources field.
Manage Forestland and Resources to attain positive outcomes.
Demonstrate effective written and verbal communications between industry partners and cooperator.

College-wide Outcomes

Critical Thinking - Critical thinking finds expression in all disciplines and everyday life. It is characterized by an ability to reflect upon thinking patterns, including the role of emotions on thoughts, and to rigorously assess the quality of thought through its work products. Critical thinkers routinely evaluate thinking processes and alter them, as necessary, to facilitate an improvement in their thinking and potentially foster certain dispositions or intellectual traits over time.
Responsibility - Responsibility encompasses those behaviors and dispositions necessary for students to be effective members of a community. This outcome is designed to help students recognize the value of a commitment to those responsibilities which will enable them to work successfully individually and with others.
Quantitative and Symbolic Reasoning - Quantitative Reasoning encompasses abilities necessary for a student to become literate in today’s technological world. Quantitative reasoning begins with basic skills and extends to problem solving.
Written Communication - Written Communication encompasses all the abilities necessary for effective expression of thoughts, feelings, and ideas in written form.