ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Communism, also known as a command system, is an economic system where the government owns most of the factors of production and decides the allocation of resources and what products and services will be provided.

Detailed explanation-2: -Socialism. The features of socialism are the opposite of those just listed for capitalism and were spelled out most famously by Karl Marx. Socialism is an economic system in which the means of production are collectively owned, usually by the government.

Detailed explanation-3: -A command economy, also known as a planned economy, is one in which the central government plans, organizes, and controls all economic activities to maximize social welfare. Command economies, as opposed to free-market economies, do not allow market forces like supply and demand to determine production or prices.

Detailed explanation-4: -Under a command economy, governments own the factors of production such as land, capital, and resources, and officials determine when, where, and how much is produced. This is also sometimes referred to as a planned economy.