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: -Communism. The state controls land, labor, capital, and all other sources of production in communism. A command economy, on the other hand, is one in which the government decides what things must be manufactured, how much will be manufactured, and how much the items should be sold for.

Detailed explanation-3: -Capitalism exhibits private ownership, profit motive, minimal government intervention, competitive market, capital accumulation, class system, etc. Communism exhibits common ownership, central planning, no competition, classless society, etc.

Detailed explanation-4: -In a command economy, the government owns the factors of production; all decisions about land, labor, and capital are made by the state.