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: -Capitalism-individuals own the factors of production and answer the basic economic questions.

Detailed explanation-3: -In mixed socialism, the government owns and controls some, but not all, of the basic productive resources. Mixed market economies are market economies that have elements of socialism or traditional economies. The United States is considered a mixed market economy.

Detailed explanation-4: -In a command economy, what goods and services are produced, how they are produced, and for whom they are produced are all questions answered by government planning. The government makes economic decisions for the good of society.