1. Microeconomics Basically, microeconomics is a branch, or division, of economics that studies the behavior of how the modern households and firms make decisions to distribute and allocate their limited resources. Examples: Two examples are a particular industry or the demand of a single product. 2. Macroeconomics Macroeconomics is another branch, or division, of economics. It deals with the performance, structure, behavior, and decision-making of the whole economy, instead of a singular thing. Examples: Two examples are how the Gross Domestic Product is affected by changes in unemployment, and national income. 3. Scarcity Scarcity is the economic problem of having people who have wants and needs, but have a limited amount of resources to do anything about it.