SSC MTS EXAM

Detailed explanation-1: -Both socialism and communism are essentially economic philosophies advocating public rather than private ownership, especially of the means of production, distribution and exchange of goods (i.e., making money) in a society.

Detailed explanation-2: -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-3: -Command economy is a system where the government decides goods production, process, quantity, and price in a country. In this system, the government also manages income and investments. A communist nation like the former Soviet Union, Cuba, and North Korea work according to this system.