WORLD HISTORY

Detailed explanation-1: -In such an economy the factors of production are all state-owned. So all the factories, machinery, plants, capital, etc. is owned by a community in control of the State. All citizens get the benefits from the production of goods and services on the basis of equal rights.

Detailed explanation-2: -A kolkhoz (Russian: ́, IPA: [kɐlˈxos] ( listen)) was a form of collective farm in the Soviet Union. The 1920s were characterized by spontaneous emergence of collective farms, under influence of traveling propaganda workers.

Detailed explanation-3: -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-4: -What is socialism? Socialism is a social and economic doctrine that calls for public rather than private ownership or control of property and natural resources.

Detailed explanation-5: -The system with the highest level of government control is communism. In theory, a communist economy is one in which the government owns all or most enterprises. Central planning by the government dictates which goods or services are produced, how they are produced, and who will receive them.