ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Communism is a political and economic system that seeks to create a classless society in which the major means of production, such as mines and factories, are owned and controlled by the public.

Detailed explanation-2: -The command economy, also known as a planned economy, requires that a nation’s central government own and control the means of production. Private ownership of land and capital is nonexistent or severely limited.

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: -A centrally planned economy, also known as a command economy, is an economic system where a government body makes economic decisions regarding the production and distribution of goods.

Detailed explanation-5: -If production, allocation, and ownership are 100% controlled by government, then we call such an economic system as Socialism.