Communism in Macroeconomics
Type of economy where all property, including land, factories and companies, is held by the government.
In a communist system, there is no private ownership of property or resources. Instead, everything is collectively owned and distributed according to the needs of the society. For example communists will stop producing super cars for saving it from pollution.
The goal of communism is to create a classless society where wealth and resources are shared equally among all members.
Socialism in Macroeconomics
In socialism few of the people would have private property and control of industry
It focuses on providing free education and healthcare.
Both communism and socialism focuses on economic planning which helps the people solving how to produce ? , what to produce ? and whom to produce. If an economy is completely controlled by the government then it is called command economy. People who own private factors of production and private firms is called free market economy , they make goods or service for profit and not kindness. The term which explains a private factor and firm of a good is called invisible hand. It is the buyers choice to buy and private firms should make the buyers like.
Should government interfere in the economy ?
If there is no government then there would be no care for the environment , in the 20th century deodorant and other products almost caused the end of ozone layer but due to government it stopped as they stopped the production of those. There would also be pollution as industrialization and production of objects that cause pollution wont stop as there would not be any order of government