QuestionMay 9, 2025

1. Write a brief paragraph explaining the links between the following three terms a. centrally planned economy b. socialism c. communism

1. Write a brief paragraph explaining the links between the following three terms a. centrally planned economy b. socialism c. communism
1. Write a brief paragraph explaining the links between the following
three terms
a. centrally planned
economy
b. socialism
c. communism

Solution
4.6(226 votes)

Answer

Centrally planned economies operate under government control, reflecting socialist ideals of shared resources. Communism builds on this by seeking to abolish class distinctions through complete communal ownership, thus linking all three terms in their pursuit of economic equality and state intervention. Explanation Centrally planned economies, socialism, and communism are interconnected concepts in economic and political theory. A centrally planned economy is one where the government makes all decisions regarding production and distribution of goods, often associated with socialist principles that advocate for collective ownership and equitable resource distribution. Communism extends these ideas further, aiming for a classless society where all property is publicly owned, eliminating private ownership entirely.

Explanation

Centrally planned economies, socialism, and communism are interconnected concepts in economic and political theory. A centrally planned economy is one where the government makes all decisions regarding production and distribution of goods, often associated with socialist principles that advocate for collective ownership and equitable resource distribution. Communism extends these ideas further, aiming for a classless society where all property is publicly owned, eliminating private ownership entirely.
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