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# Wood Price

## Definition

The market price of timber and firewood, which varies with the state of agriculture and population density. As agriculture advances and reduces forest land, the price of wood typically rises due to increased scarcity.

## Source Chapter

Book I, Chapter 11

## Context

Smith examines how the price of wood serves as an alternative fuel source to coal and how changes in wood prices affect the demand for coal and the rents of coal mines.

## Economic Domain

Production

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