Read the “Case Study” on page 322 of the course textbook and answer the following questions:

a. How does central planning of an economy differ from market economies?
b. What has been the result of the transition from a centrally planned economy to a market economy in countries that were part of the Soviet Union?

Your response should be at least 200 words in length. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations.

(2012). International economics. (Vol. 1, pp. 336-337). The McGraw-Hills Companies.

In-text citation

(International economics, 2012)