________ is the process by which a nation changes its fundamental economic organization and creates new free-market institutions.
A) Central planning
B) Economic transition
C) Industrialization
D) Economic liberalism

Question

Quizplus · Accepted Answer

Economic transition refers to the process of moving from a centrally planned or state-controlled economy to a free-market economy. It involves the creation of new market-oriented institutions, such as private property rights, competition, and free trade, as well as reforms in areas such as taxation and regulation. This process is often associated with the fall of communism in Eastern Europe and the former Soviet Union in the late 20th century.

________ Is the Process by Which a Nation Changes Its