Answer: Socialism refers to an economic and political system in which all factors of production are owned and controlled by the people.
Explanation: Socialism is based on economic and political theories that believes that production and distribution of goods and services are the sole responsibility of the people. The proponents of this theory does not believe in privately owned property, it should be owned by the community.
Communism is different from democratic socialism because communism in achieving their classless society idea through revolution, while democratic socialism has more flexible and subtle idea.
Secondly, Communism gives zero tolerance to private property. All properties are collectively owned and each person is allocated to, according to their needs while democratic socialism still give individual rights to own property.
