CHILD DEVELOPMENT PEDAGOGY

Detailed explanation-1: -Key Takeaways. Socialism is an economic and political system based on collective ownership of the means of production. All legal production and distribution decisions are made by the government in a socialist system.

Detailed explanation-2: -Communism is an economic ideology that advocates for a classless society in which all property and wealth are communally-owned, instead of by individuals.

Detailed explanation-3: -In a true communist economy, the community makes decisions. In most communist countries, the government makes those decisions on their behalf. This system is called a command economy.

Detailed explanation-4: -A command economy is an economic system where the government has control over the production and pricing of goods and services.

Detailed explanation-5: -The main difference is that under communism, most property and economic resources are owned and controlled by the state (rather than individual citizens); under socialism, all citizens share equally in economic resources as allocated by a democratically-elected government.