Things Communism and Socialism have in common.

In both Communism and Socialism, there is economic planning, and the government, usually in the form of some bureaucratic agency, helps decide what to produce, how to produce it, and who gets it. More test answers on https://studyhippo.com/economic-systems-and-macroeconomics-crash-course-economics-3/

Is Communism and Socialism the same thing? Why or why not?

They are alike in that both are systems of production for use based on public ownership of the means of production and centralized planning. Socialism grows directly out of capitalism; it is the first form of the new society. Communism is a further development or ”higher stage” of socialism. More test answers on https://studyhippo.com/social-science-test-3/

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Communism And Socialism Flashcards, test questions and answers

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What is Communism And Socialism?

Communism and Socialism are two economic and political systems that have often been used interchangeably, but they have some distinct differences. Communism is a system of social organization in which all property and resources are owned by the community as a whole and shared equally among its members. Socialism is an economic system that advocates for public or collective ownership of the means of production, management, and exchange of goods or services.Under communism, private enterprise is not allowed; instead, all aspects of productionfrom the means to the end productare owned by the state. In contrast, socialism allows for private ownership but has regulations on how those resources can be used to ensure that everyone benefits from them. This includes setting minimum wages so that no one works for less than a living wage and providing free education for everyone who wants it.In both systems, government plays an important role in regulating industry, setting prices on goods and services as well as distributing resources equitably among its citizens. Communism seeks to eliminate inequality by redistributing wealth from those with higher incomes to those with lower incomes while socialism seeks to reduce inequality by providing basic necessities like housing and healthcare which are available at low cost or even free-of-charge depending on individual circumstances.Despite their similarities, there are significant differences between communism and socialism when it comes to their overall objectives. Communism aims at creating a society where all individuals enjoy equal access to economic opportunity while socialism focuses more on achieving greater equality through government intervention in the form of welfare programs or other policies designed to help lift up people from poverty or disadvantageous circumstances.