ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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. This means that there is no inequality in a communist society.

Detailed explanation-2: -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-3: -Communist philosophy argues against private property and supports collective ownership. This philosophy applies specifically to intellectual property and software. The common view is that no person should on their own or control any property, whether electronic, merely an idea, or otherwise.

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: -Capitalism is an economic system in which the trade and industry of the economy is owned and controlled by private individuals, to make profit. Communism refers to social system in which country’s trade and industry are controlled by the community and the share of each individual relies on his ability and needs.