Final answer:
In a communist society, private ownership of property is eliminated, the government owns everything, and balancing supply and demand becomes challenging due to central planning.
Step-by-step explanation:
In a communist society, there is no private ownership of property, the government owns everything, and it is difficult to balance supply and demand. In theory, communism aims for a classless society where the means of production are owned by the community as a whole. The government, acting on behalf of the people, controls all property, farms, manufacturing, and businesses in an attempt to distribute resources equitably and prevent worker exploitation.
Marx and Engels believed that private property and the free market inherently cause societal inequalities, leading to a system where labor-saving machinery would increase unemployment and decrease wages, thus impoverishing the majority. They theorized that the resulting severe inequalities would trigger a proletariat revolution, replacing capitalism with communism.
However, in practice, communism often leads to governmental control, rather than true communal ownership, and has historically struggled with human rights violations and economic inefficiencies due to the complexities of central planning.