ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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socialism allows some private ownership of property
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communism allows some private ownership of property
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socialism expects the government to control the means of production
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communism expects the people to share the means of production
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Detailed explanation-1: -The main difference is that under communism, most property and economic resources are owned and controlled by the state (rather than individual citizens); under socialism, all citizens share equally in economic resources as allocated by a democratically-elected government.
Detailed explanation-2: -Key Differences Between Communism and Socialism Under communism, there is no such thing as private property. All property is communally owned, and each person receives a portion based on what they need.
Detailed explanation-3: -Socialism is a social and economic doctrine that calls for public rather than private ownership or control of property and natural resources.
Detailed explanation-4: -Answer: The two differences are as follows (i) The capitalists believed that individuals owned private property whereas the socialists believed that all property belonged to the society as a whole, i.e., to the state.
Detailed explanation-5: -Socialists were against private property. They saw it as the root of all social evils. ii) Socialists favored society as a whole rather than single individually owned property. More attention would be paid to collective social interests.