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

Detailed explanation-4: -Socialism is a political philosophy and movement encompassing a range of economic and social systems, which are characterised by social ownership of the means of production, as opposed to private ownership.