The Communist Economy means everything is owned by the government, All means of production and Distribution is owned by the state, people just offer their labor services, this happens cause the government is claimed to represent the people it rules over. All Industries, Banking and Agriculture is in the hands of the government. This is considered as collective ownership, wages are fixed for different strata of people, everyone has got to work, you have know right to property, although you can own personal property like ordinary household items, you have no right of inheritance, the state also owns all the means of transportation and communication, there is graduated income taxes, a central bank is essential for communism. Everything is planned and control and nothing is left for the market forces to decide.