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Forests and trees are valued for their wood, their replacement of carbon dioxide with oxygen in the atmosphere, the food such as nuts and berries some produce, the shade they create on a hot, sunny day, the pleasant scent of their blossoms, and their beauty. Trees reduce erosion, absorb excess moisture from the soil, provide stability to loose ground, and are the habitat for a multitude of creatures living in their foliage and among their roots.

From a market perspective, trees and tracts of forests are appraised for the value of the timber that the tract has. Value consists of the quality of the wood (straight-grained, free of excessive knots, ring shake, rot, etc.) and quantity. Appraisals are done by foresters to determine the price a (theoretical) willing buyer and a (theoretical) willing seller would agree upon for the trees (and sometimes the land). While it may seem over-simplistic and crass to consider forests in only monetary terms, we all make decisions everyday on the basis of money. And, in order to convince landowners not to sell or convert their forest properties to more profitable ventures the cash value must be known.

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