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: -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.

Detailed explanation-3: -Government Controls Production in Command Economy The government decides the means of production and owns the industries that produce goods and services for the public. The government prices and produces goods and services that it thinks benefits the people.

Detailed explanation-4: -In most command economies, the people own the natural resources which are extracted and distributed under the control of the government.

Detailed explanation-5: -Socialism is an economic system in which the means of production are collectively owned, usually by the government.