What is the difference between Socialism and Communism?

Socialism and Communism are different types of economic systems that consider the fact that all resources in a place should be distributed equally among members and also create a central leadership system that will be controlling and monitoring the economy. However, the differences between socialism and Communism depend on the various practices of the two economic systems. Socialism system preaches equality among members of a state, and as a result, there is nothing like top class or low-class people in the country.

The leadership system instituted to be controlling the economy gives ultimate power to the people in deciding the direction they want the economy to go. Communism, on the other hand, also preached equality among members of a state and perceived all resources to be equally owned by all citizens of a particular country. However, the central leadership system instituted to be controlling the economy does not give the citizens the chance to decide on the economy, and hence, they act on the economy authoritatively.