ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -communism, political and economic doctrine that aims to replace private property and a profit-based economy with public ownership and communal control of at least the major means of production (e.g., mines, mills, and factories) and the natural resources of a society.

Detailed explanation-2: -A command economy is an economic system where the government has control over the production and pricing of goods and services.

Detailed explanation-3: -The command economy is a component of a communist political system, while a free market system exists in capitalist societies.

Detailed explanation-4: -In the other, socialism, the state owns the means of production, and state-owned enterprises seek to maximize social good rather than profits.

Detailed explanation-5: -In a command economy, the government determines what is produced, how it is produced, and how it is distributed. Private enterprise does not exist in a command economy. The government employs all workers and unilaterally determines their wages and job duties and product pricing.