Capitalsim vs. Socialism, Who's side R U on?

The lines of capitalism and socialism are blurred in our society today. So let me spell it out, cut and dry definitions, straight up.

Capitalism: or a free market economy
An economic system in which the means of producing wealth, and wealth itself are privately owned.
This is another way of saying private ownership of resources (land, labor, capital, and entrepreneurship.) In this system the distribution, pricing, income, production, supply of goods, services and commodities are set by voluntary private decision due to market demand.
Government's role is limited to enforcing the basic rules to protect the market. Although the government can provide goods and services where necessary (ex. natural monopolies, national defense.)
The system is based on incentive, and that is the force driving one to produce a better product at a lower price. Prices are set by the demand and supply in the market.

Another key component of capitalism is markets close to perfect competition.
Here are key characteristics of perfect competition.

Many buyers/Many Sellers – Many consumers with the willingness and ability to buy the product at a certain price, Many producers with the willingness and ability to supply the product at a certain price. (Many defined by five hundred or more sellers.)
Easy Entry/Exit Barriers – It is relatively easy to enter or exit as a business in a perfectly competitive market.
Perfect Information - For both consumers and producers.
Firms Aim to Maximize Profits - Firms aim to sell where marginal costs meet marginal revenue, where they generate the most profit.
Homogeneous Products – The characteristics of any given market good or service do not vary across suppliers.

It is possible in very few markets to achieve perfect competition due to the slight manipulation of these above principles. (None more obvious as Perfect Information.)

Summary of Capitalism:
-Private ownership of resources
-Incentive based system
-Decision is in the hands of the voluntary individual - Freedom
-Works best when markets operate near perfect competition

Socialism: or a planned market economy
An economy with public/government ownership and administration of resources and the means of producing wealth. Also the centrally planned distribution of goods and wealth. Characterized by equal opportunities (or means) for all citizens, compensation is based on what is fair and decided by the central planning body.

Another characteristic is wealth and power are distributed more evenly based on the amount of work expended in production.
The governing body decides the goods and services to make and provide, how they are to be produced, the quantities, and the sale prices. (A headache of details)
In a Socialist economy there is no/zero competition.

Summary of Socialism:
-Public ownership of resources, and wealth (this includes the media)
-Centrally planned production and distribution
-No competition and no incentive (which leads to poor quality and efficiency)
-No freedom for individuals to chose

There you have it Capitalism and Socialism bare bones. Free market verses the planned economy. If you wish to contemplate some examples of each look to the U.S.S.R. for socialism. Then the USA before 1913 when the 16th Amendment was passed and the income tax was first instated. Today America is defined as a mixed economy, but is progressing closer to Socialism.
Thoughts...

Coming soon: the importance of Prices

-(Sources, F.A. Hayak, Adam Smith, Thomas Sowell, Wikipedia.)