How do socialists and communists differ in terms of their approach to the economy?

There are scientific sources that affirm that communism is the extreme form of socialism, others affirm that after the Second World War, socialism appeared as a transformed form of communism.

Now, in terms of the economic focus of both we have;

COMMUNISM:

The goods of production are handled by all, that is to say that the concept of property within the goods of production is annulled.

The production is related only to meet human needs, without the need for money.

Look for the condition in which material abundance exists.

SOCIALISM:

The means of production are from public companies or cooperatives.

Individuals are compensated according to the principle of individual contribution.

Production can be coordinated by economic planning or economic markets.

answer: an oligarchy is a political system in which the government is run by a group of noble families, or the elite wealthy members of a society. a present day oligarchic government is iran.

explanation:

i think they should to be honest

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