TITLE
- CONSUMER PROTECTION AND GLOBAL ECONOMY – WITH REFERENCE TO G.M. FOODS
Table of Contents
1. Introduction 1
1.1. Research Problem 2
1.2. Objectives of the Study 2
2. Literature Review 3
3. Research Methodology 4
3.1. Research Approach 5
3.2. Data Analysis 5
1.
Introduction
Consumer protection consists of laws and organizations designed to
ensure the rights of consumers as well as fair trade competition and the free
flow of truthful information in the marketplace. The laws are designed to
prevent businesses that engage in fraud or specified unfair practices from
gaining an advantage over competitors and may provide additional protection for
the weak and those unable to take care of themselves. Consumer protection laws
are a form of government regulation which aims to
protect the rights of consumers. For example, a
government may require businesses to disclose detailed information about
products—particularly in areas where safety or public health is an issue, such
as food. Consumer protection is linked to the idea of "consumer
rights" (that consumers have various rights as consumers), and to the
formation of consumer organizations, which
help consumers make better choices in the marketplace and get help with consumer complaints. Other
organizations that promote consumer protection include government organizations
and self-regulating business organizations such as consumer protection agencies
and organizations, the Federal Trade Commission, ombudsmen,
Better Business Bureaus, etc.
Genetically Modified Foods are consumer-based
crops that are given unique characteristics using Genetic Engineering. These
characteristics allow higher economic profit as compared to conventional plant
crops, but have shown to be detrimental to the environment. This research
report is aimed at assessing the suitability of consumer protection with
reference to the Genetically Modified Foods, which will be achieved by coming
up with an objective understanding of Genetically Modified Foods through primarily
considering the surrounding economic and environmental issues.
The results of the report show that while
Genetically Modified Foods are highly beneficial towards the global economy and
should be produced at a commercial level, investment is recommended for
research concerning the risks of Genetically Modified Foods. This is supported
by compiled evidence of the harms and uncertainty of Genetically Modified Foods
from past literature.
1.1.
Research Problem
As applications of biotechnology
in food products become more prevalent, consumers confront new opportunities,
challenges, and risks/benefits associated with GM products. Some consumers,
however, view biotechnology as a risky process. Acceptance of GM products is
associated with the consumers’ risk/benefit beliefs about biotechnology. When
consumers perceive benefits to themselves and society, they are expected to be
more willing to buy GM foods, relative to consumers who perceive few benefits.
On the other hand, if consumers perceive GM foods as a health risk, and risky
for the environment, they would be less willing to purchase them. In this
regard, consumers’ risk/benefit beliefs of GM foods are expected to play a
significant role in determining their purchasing behavior for those foods.
1.2.
Objectives of the Study
The
prime objectives of this research are:
1. To
date, few quantitative studies that have examined linkages between consumers
protection with GM foods.
2. To
analyze how consumers’ risk /benefit beliefs regarding biotechnology influence
their intention to purchase GM foods.
3. To
explore whether or not consumers’ risk/benefit beliefs and knowledge of GM
foods affects their behavior as measured by WTP a premium for GM foods with a
benefits disclosure.
To
read more…….
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