What is a market economy? Compare and contrast a market economy with a planned economy.

What is a market economy? Compare and contrast a market economy with a planned economy. Research capitalism and socialism. What are some of the advantages and drawbacks to capitalism? How is socialism different from capitalism? Define the terms opportunity cost, scarcity, and resources. Please describe in detail an example of how each of these concepts have affected or currently affect your life. What is market failure? Please list an example of market failure that has occurred in the U.S. in the last few years. Be specific. Adhere to APA formatting and reference guidelines when writing your response. Additionally, your response should be free of grammatical errors, use complete sentences, and give specific details to support statement.