What is the outcome of a changing Magnetic Field? The question might sound elementary. However, the thing is this. Changing Magnetic field produces a changing electric field. That changing electric field would produce a changing magnetic field. So, is it apt to say that changing magnetic field produces an electric field and a magnetic field? Or should we  just stop at saying that it produces an electric field?
 A: Before answering your question I will state two of Maxwell's laws
$$\nabla \times E = -\frac{\partial B}{\partial t}$$
$$\nabla \times B = \mu_0 \left( J+\varepsilon_0 \frac{\partial E}{\partial t}\right)$$
These laws are intricately linked. A changing magnetic field instantaneously produces a changing electric field but with displacement current (J). Once electric field and displacement current are produced the cycle ends owing to conservation of energy. The same happens with changing electric field. 
Electromagnetic radiation is a completely different phenomenon. In this case there is no displacement current. So a sinusoidal electric field produces a sinusoidal magnetic field. They act as reflections of each other. 
edit 1:I mean not only electric field but displacement current is also produced. If displacement current is not produced then law of conservation of energy is violated. 
A changing magnetic field produces changing electric field and displacement current. 
Displacement current is not the electric current we generally encounter. Displacement current refers to rearrangement of free charges in the medium. A changing electric field produces a changing electric potential. We know where ever there is a potential difference there is flow of charges from one point to other. In this case the charges will be rearranged irrespective of the medium they are present in. The law of conservation of energy comes into picture because when a non zero electric potential is present and free charges are present, the charges need to rearrange themselves so that their new configuration neutralizes the existing potential. This is one reason why salt solutions are good conductors whereas plain water is not. As long as free charges are present the medium attains a degree of conductivity. 
 
where ρ is the free charge density. In case of EM waves, the free charge density is zero in vacuum. 
http://en.wikipedia.org/wiki/Displacement_current
wiki gave good info regarding displacement current.
