GENERAL KNOWLEDGE

Detailed explanation-1: -In a command economy, the central government dictates the level of production of goods and controls their distribution and prices. Proponents of command economies argue government control rather than private enterprise can ensure the fair distribution of goods and services.

Detailed explanation-2: -In communist nations, government makes all economic decisions; owns the land, natural resources, industry, banks, and transportation system; and controls all mass communication.

Detailed explanation-3: -Both communism and socialism are based on a vision of a classless society in which goods and services are shared equitably. In both, the means of production and distribution are owned by the workers, either directly or through government agencies.