What is the economy in communism?

Answer 1

Communism is a specific type of government which, theoretically, revolves around the operation of politics and production by society itself at very small levels but, in practise, operates off large, totalitarian regimes that regulate production completely and initiate heavy social control in their regions.

Answer 2

A communist economy is one of the three types of economic system. The two others are the capitalism economy and the mixed economy.

The communist economy is also known as the planned economy.

In a communist economy, it is fully operated by the government. There are only state owned and controlled businesses. The government answers all the fundamental economic questions. There is very little private sector, if there is any.

The goods and services provided are only those which will assuage the NEEDS of the consumers and not its WANTS.

Answer 3

There is no economy in Communism, as it implies the abolition of the wages system, of buying and selling, and so of money.

Answer 4

A communist system is a system run on the basis of communism. Without going into details, communism means everyone gets everything they need and everyone has an equal say in everything.

Answer 5

communism