Pros And Negatives Of Bioeconomics

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Economics is the study and analysis of how society manages its limited resources. There are various market structures that exist in our economy that can further be broken down into subdivisions, such as our bioeconomy. “Bioeconomics” is the relationship between production, trade and the supply of biological resources and biotechnology. Biotechnology has been an ever growing field in the world of economics. It encompasses a plethora, including the creation of transgenic, or genetically modified, food. In recent years, genetically modified organisms (GMOs) have replaced our diet with genetically altered foods. These foods have adversely affected human health as well as local communities and their local economies. GMOs are everywhere nowadays. …show more content…

The industrial sectors such as food and chemical industries are constantly challenged to meet the demands of an ever rapidly growing market and population4. To meet such demands, these industrial sectors have poured money into furthering the research of GMOs. These newly modified organisms are engineered to fit the production’s needs, such as a more bacteria resistant plant or one that is more suited for the environmental conditions. These genetic modifications help to generally produce more food. GMOs are produced to enhance growth and/or efficiency of food conversion, to enhance commercially significant flesh characteristics, to control reproductive activity and/or sexual phenotype, to increase resistance of species to pathogens/parasites, to increase tolerance to/of environmental variables such as temperature, to modify behavior, e.g. aggression, and to control fertility and/or viability5. Through genetically modified organisms, such as plants for food, the economy can become more stabilized as food is produced more efficiently than traditional

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