Effect on the Economy
There are two types of economic changes or impacts due to the continuous yield of genetically engineered crops: the effect at the farm level and the effect on the market. When it comes to the farm level, damage control, vastness of yields, and cost savings are what control the income, profit, or budget of each farm. The herbicide-tolerance and insect-resistance keep crops from being damaged, which improves the level and amount of harvested crops. With this decrease in useless crops, farmers benefit from "reduced management effort and work-time, equipment savings, improved environmental safety, and total convenience." The effect on the market is also very similar. When the benefits are shared amongst consumers, the balance of supply and demand results in a slight increase in yields and a slight reduction in prices. However, the prices of genetically engineered crops have increased over the past few years because the adoption and utilization rates are increasing. This happened because when GMOs were first being used, they weren't as popular as they are now.