Reading Guide 26. 3 Changing Economies

(Pages 722-726)

1. 
   What is the main reason that many nations in the world are experiencing transition in their economies?
   

2. 
   What happened to the Soviet Union in 1991?
   

3. 
   The Soviet Union had a command economy; therefore most economic decisions were made by ______________________________________________.
   

4. 
   Name 3 changes Russia needed to make to use elements of a market-based economy.
   
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   2. 
      
      
   3. 
      
      

5. 
   What is one problem China has faced by incorporating certain elements of a market economy?
   

6. 
   The United States is considered a _____________________ country.
   

7. 
   What is a developing country?
   

8. 
   How are decisions made in a traditional economy?
   

9. 
   What happens when population grows faster than GDP?
   

10. 
    Rapid population growth can also lead to what other problems?
    

11. 
    What has happened to many countries that borrowed large sums of money to spur economic growth?
    

12. 
    How is Nigeria, a nation rich in oil, still a relatively poor nation?
    

13. 
    Who has created a set of recommendations for developing nations?
    

14. 
    What do these countries need to invest in?
    

15. 
    What is limiting the development of these markets?