What are the important differences between a ‘capitalist – free market’ economy and a ‘socialist’ economy? Which do you prefer for t

What are the important differences between a "capitalist – free market" economy and a "socialist" economy? Which do you prefer for the U.S. and why?

Use personal examples to show me you understand the two economic types. Use information from the text to show me you have read and understand the concepts explained in the text.

Use at least one citation to back up your opinion. The citation can be simple. Use "quotations" around any quoted or PARAPHRASED information and place a number after the citation in parentheses. (1)

At the bottom of your text place a corresponding citation after the number in parentheses (1) showing the book and page number or URL used for the citation. Cite the textbook First before using the internet for material. 

Textbook citations can be simple: (1) Understanding Business ed.13, pg. 101

Use the complete URL if using information from the internet as a secondary source: (2) https://www.forbes.com/sites/forbestechcouncil/2021/07/27/a-lesson-from-japan-real-change-is-emotional/?sh=5beb6dc9338f