An economic transition refers to a significant change or shift in an economy's structure, policies, or practices that result in new patterns of production, distribution, consumption, or trade.
Related terms
Market Economy: An economic system where goods and services are produced based on supply and demand through voluntary exchanges between buyers and sellers.
Command Economy: An economic system where production decisions are made by a central authority such as the government.
Mixed Economy: An economic system that combines elements of both market economy and command economy, allowing for private ownership while also having some government intervention.