what is meant by socialism and communism
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The main difference is that under communism, most property and economic resources are owned and controlled by the state (rather than individual citizens); under socialism, all citizens share equally in economic resources as allocated by a democratically-elected government.
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Socialism is an economic and political system. It is an economic theory of social organization. It believes that the means of making, moving, and trading wealth should be owned or controlled by the workers. ... People who agree with this type of system are called socialists.
Communism is a political and economic ideology that positions itself in opposition to liberal democracy and capitalism, advocating instead a classless system in which the means of production are owned communally and private property is nonexistent or severely curtailed.
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