SSC MTS EXAM

Detailed explanation-1: -Communism is a political and economic system that seeks to create a classless society in which the major means of production, such as mines and factories, are owned and controlled by the public.

Detailed explanation-2: -The command economy, also known as a planned economy, requires that a nation’s central government own and control the means of production. Private ownership of land and capital is nonexistent or severely limited.

Detailed explanation-3: -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.