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Pros and cons of Free Market and Planned Market?

Can someone give me advantages and disadvantages of each: a Centrally Planned Economic and a Free Market Economy? Oh and is 'Surplus' excess demand or excess supply? Always forget :P! Thank you!

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1. A free market is a market without economic intervention and regulation by government except to enforce ownership ("property rights") and contracts. It is the opposite of a controlled market, where the government regulates how the means of production, goods, and services are used, priced, or distributed. This is the contemporary use of the term "free market" by economists and in popular culture; the term has had other uses historically. A free-market economy is an economy where all markets within it are unregulated by any parties other than those players in the market. This requires protection of existing property rights, but no coercive regulation, no coercive subsidization, no coercive government-imposed monopolistic monetary system, and no coercive governmental monopolies. Planned economy (or command economy) is an economic system in which the state or workers' councils manage the economy. It is an economic system in which the central government makes all decisions on the production and consumption of goods and services.[dead link] Its most extensive form is referred to as a command economy, centrally planned economy, or command and control economy. In such economies, central economic planning by the state or government controls all major sectors of the economy and formulates all decisions about the use of resources and the distribution of output. Planners decide what should be produced and direct lower-level enterprises to produce those goods in accordance with national and social objectives. Planned economies are in contrast to unplanned economies, such as a market economy, where production, distribution, pricing, and investment decisions are made by the private owners of the factors of production based upon their individual interests rather than upon a macroeconomic plan. Less extensive forms of planned economies include those that use indicative planning, in which the state employs "influence, subsidies, grants, and taxes, but does not compel." This latter is sometimes referred to as a "planned market economy" Visit http://www.erepublik.com/en/article/pros-and-cons-of-a-planned-economy-shortcomings-in-our-economy-670562/1/20 http://www.ask.com/questions-about/pros-and-cons-of-market-economy
2. A centrally planned economy reaches non-optimum decisions far more often than the market does. This happens because large numbers of people acting in their own self-interest are involved in market choices. Planned economies substitute political for economic decision-making. Decisions which are sub-optimal economically get made in order to satisfy various constituencies of the government.