Differences between Local Area Network and a Wide Area Network

Please write a review on each response. Please keep separate and be polite. I have included the topic. 
Topic: 
What is the difference between a Local Area Network (LAN) and a Wide Area Network (WAN)?
Do you have a LAN or WAN at home?
Response 1: 
A Local Area Network also known as LAN is a data communications network that connects personal computers within a very limited geographical area. It is usually within a single building. Local Area Networks or LAN’s use a variety of wired and wireless technologies. A couple of examples of Local Area Network (LAN) are both school computer labs and home networks.
A Wide Area Network also known as a WAN can cover a large geographical area and usually consists of several smaller networks, which might use different computer platforms and network technologies. The Internet is the world’s largest Wide Area Network (WAN). Networks for nationwide banks, large cable television companies, and multi-location superstores are some examples of Wide Area Networks.
Some of the major differences between these two types of networks are:
LAN runs at high speeds
WAN’s run at a much slower speed.
LAN’s also have a higher data transfer rate
WAN’s have a very slow data transfer rate
LAN is more commonly owned by a single person or business
WAN (such as the internet) is not owned by any one person or business. They exist under collective or distributive ownership and management over long distances.
LAN is fairly reasonable to both install and maintain
WAN has a much more expensive set up costs as well as maintenance cost because it is spread out all over rather than in a small location.
LAN have much smaller congestion
WAN have a much higher congestion because there are millions of people on it worldwide.
At home, we have a Local Area Network connection. We are connected through our modem and it is passed through to all of our devices in the house through the router. Since our network is only used for our household then it falls under the category of LAN. 
Response 2: 
Hi Class,
A LAN (Local Area Network) is a data communications network that connects personal computers within a very limited geographical area - usually a single building. School computer labs and home networks are examples of LANs
A WAN (Wide Area Network) covers a large geographical area and usually consists of several smaller networks which might use different computer platforms and network technologies. Banks and large cable companies would connect to a WAN.
A home computer would be hooked up to a LAN since it covers a limited geographical area.