USA HISTORY

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: -A centrally planned economy is an economic system where the government controls the factors of production. The government centrally plans, implements and controls economic activities. Such a system exists to attain social development and harmony in society. It is associated with socialism and communism.

Detailed explanation-3: -Communism is a political system characterized by a centrally planned economy with all economic and political power resting in the hands of the government.

Detailed explanation-4: -A centrally planned economy, also known as a command economy, is an economic system where a government body makes economic decisions regarding the production and distribution of goods.

Detailed explanation-5: -A centrally planned economy is one run by the government. The government decides the needs of the economy and then sees to it that those needs are met. They decide what to produce and how much. They determine prices and laws so that economy is efficient.