WORLD HISTORY

Detailed explanation-1: -Socialism is an economic and political system based on collective ownership of the means of production. All legal production and distribution decisions are made by the government in a socialist system.

Detailed explanation-2: -Communism, also known as a command system, is an economic system where the government owns most of the factors of production and decides the allocation of resources and what products and services will be provided.

Detailed explanation-3: -A command economy is an economic system where the government has control over the production and pricing of goods and services.

Detailed explanation-4: -If production, allocation, and ownership are 100% controlled by government, then we call such an economic system as Socialism.

Detailed explanation-5: -In a pure command economy, there is no private sector, as the central government owns or controls all business. In a command economy, government officials set national economic priorities, including how and when to generate economic growth, how to allocate resources, and how to distribute the output.

Detailed explanation-6: -Capitalism is an economic system characterized by private ownership of the means of production, especially in the industrial sector, with labor paid only wages. Capitalism depends on the enforcement of private property rights, which provide incentives for investment in and productive use of productive capital.