ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -In communism, the state owns the means of production and controls the economy. The state centralized economic planning and decision-making. In a communist society, there is no private property. The state owns all property and the means of production.

Detailed explanation-2: -Kas In a communist economy, the government owns and operates all businesses. State managers develop a national plan for the production and distribution of all goods and services.

Detailed explanation-3: -Communism is a political and economic ideology that positions itself in opposition to liberal democracy and capitalism, advocating instead for a classless system in which the means of production are owned communally and private property is nonexistent or severely curtailed.

Detailed explanation-4: -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.

Detailed explanation-5: -Communism is a philosophical, social, political and economic ideology that aims to establish a society based on a socioeconomic order of common ownership of resources and advocates the absence of all forms of social class, money and state. It directly opposes the ideas of capitalism and private ownership of resources.