Tariq Shehzad
New member
There are three basic systems of Economics;
Communism:
Karl Marx was the father of communism. The communism is society in which the people own all the nation's resources. There is no classification of the people such as the poor, the rich, higher class etc. In such a system
Central government planning determines
In the system of Communism the resources are only utilized by the people as a nation without the discrimination of cast, creed, color, poor and rich. And every one has its right for contribution and receiving his benefits.
- Communism
- Socialism
- Capitalism
Communism:
Karl Marx was the father of communism. The communism is society in which the people own all the nation's resources. There is no classification of the people such as the poor, the rich, higher class etc. In such a system
- Everyone contributes according to ability.
- Everyone receives benefits according to need.
Central government planning determines
- What and how much of goods and services will satisfy consumers 'need?
- How to and who will produce the goods and services using what resources?
- How to distribute the goods and services produced?
In the system of Communism the resources are only utilized by the people as a nation without the discrimination of cast, creed, color, poor and rich. And every one has its right for contribution and receiving his benefits.