Transition economies occur in what were formerly communist countries.

Question

Quizplus · Accepted Answer

Transition economies refer to countries that are currently in the process of transitioning from a centrally planned economy to a market economy. These typically occur in countries that were formerly communist, where the government controlled all aspects of the economy. Examples include Russia, China, and Eastern European countries such as Poland, Hungary, and Czech Republic.

Transition Economies Occur in What Were Formerly Communist Countries