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In: Economics

17. Comment critically: “Genetically modified food production has been a very important factor in increasing food...

17. Comment critically: “Genetically modified food production has been a very important factor in increasing food stuff and avoiding massive scale starvation.”

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Expert Solution

In simple economic terms, the above case can be termed to be a demand and supply solution. Over the years, the demand for food grains has been growing exponentially across the globe. This is because the total population has been rising and the demand is directly proportional to the same.

If the supply is to be increased either we need to increase the total land cover, or have to improvise and use new technology to produce more grains. The focus globally has been to increase the supply by modifying the production technique. What this means is that with the same amount of land resource which is fixed, the aggregate supply increase leading to price reduction on one hand and demand fulfilment on the other.

This is the prime reason why the overall supply has been able to move as fast as the demand has and has saved numerous people from starvation.

Please feel free to ask your doubts in the comments section.

Rahul Sunny answered 7 months ago
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