Scarcity

Microeconomics

focuses on individual decision-making units and how they interact

Macroeconomics

explores the economy as a whole

scarcity

the fixed amount of goods or services available

traditional economy

an economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces, as well as the rule and manner of their distribution also referred to as a subsistence economy, a traditional economy is defined by bartering and trading

Command economy

an economic system in which the means of production are publicly owned and economic activity is directed by a central government or portion of the government

market economy

an economic system in which the forces of supply and demand determine what goods and services are produced  

Mixed Economy

an economy which practiced characteristics of both command and market economies; supply and demand largely influence the economy, but there is government intervention to meet certain economic goals