Question

Which of the following statements provides the most accurate comparison of socialism and communism? A. Under socialism, the government owns most businesses, while under communism the church owns most businesses.B. Both socialism and communism want to achieve a more equal distribution of income and wealth, but under communism, the government takes more control over people's lives.C. Socialism strives for an equal distribution of income but communism wants income to go primarily to those who own and operate private businesses.D. Communism believes that the government should always strive to balance its budget, while socialism accepts deficit spending as the price of achieving true equality.

Answer 1

Answer: Option (B) is correct

From the given options, the following statements is most suitable: Both socialism and communism, achieves equal distribution of income and wealth, but in communism, the state takes more control over individual's lives.

Communism can be referred to as a political and economic principle that aims to reinstate private economy with public ownership and thereby gaining a control of means of production and the resources of a state.

Socialism can be referred to as a social and economic principle that aims for public rather than private ownership. According to this perception, individuals do not work in desolation but live in cooperation.