The Effects of GMOs on Global Food Market and Consumer Behavior

Outline

1. Introduction

A. Definition of GMOs
B. Market Significance

2. Factors for Adoption

A. Increased efficiency
B. Stable pricing strategy
C. Ease of access

3. Effects of GMOs at microeconomics level of global market

A. Additional substitutes
B. Change in consumers’ behavior

4. Factors for consistency

A. Increased utility
B. Low cost foregone
C. Lack of health information
D. Consumers’ preference

5. Causes of low adoption

A. Increased health education
B. Legal issues
C. Low marginal utility and higher costs

6. Microeconomic Theories applied in the paper

A. Consumer Demand theory- The concept is applicable in explaining the initial shift in consumers’ preference- from natural food to the GMO products.
B. Classical Demand Theory- The theory encompasses consumer behavior as guided by-product’s basic properties, utility, and preference.
C. Expected utility theory- With the medical information on possible future nutrition issues, the consumers reduced on GMO consumption due to expected health liabilities.
D. Competitive markets- The concept examines the market shift between GMOs and Natural food subsequent the underlying market factors.

The Effects of GMOs on Global Food Market and Consumer Behavior

Microeconomic Theories applied in the paper

• Consumer Demand theory- The concept is applicable in explaining the initial shift in consumers’ preference- from natural food to the GMO products.

• Classical Demand Theory- The theory encompasses consumer behavior as guided by product’s basic properties, utility, and preference.

• Expected utility theory- With the medical information on possible future nutrition issues, the consumers reduced on GMO consumption due to expected health liabilities.

• Competitive markets- The concept examines the market shift between GMOs and Natural food subsequent the underlying market factors.

The main aim of application of microeconomic theories is to minimize on cost

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