microeconomy
Individual market behavior
A microeconomy is a small-scale economic system or the economic activity of a limited sphere—a single household, business, community, or sector rather than a nation or region.
Video games often feature microeconomies where players trade virtual goods: The game's microeconomy collapsed when developers patched the gold exploit.
The term also describes localized real-world economies: The village has its own microeconomy based on fishing and tourism.
Open-air merchant district
- marketplaceVenue for commerce
- farmers marketOutdoor local produce sale
- flea marketOutdoor secondhand goods venue
- soukTraditional Arab market
vendor · stall · shopkeeper · hawker · peddler · street market · trading post · swap meet
Furnish or stock
- demandForceful request or requirement
- pricingEstablishing monetary amounts charged
- competitionStruggle for supremacy
- monopolyOne seller, no substitutes
oligopoly · equilibrium · scarcity · allocation · elasticity · incentives · marginal cost · opportunity cost
Very small-scale commercial venture
- mom-and-popSmall owner-operated enterprise
- family-ownedOperated by relatives
- home-basedLocated at residence
- startupNew business enterprise
self-employed · freelancer · cottage industry · small-batch · workshop · storefront · kiosk · side hustle
Made by skilled craftspeople
- handmadeCreated manually, not mechanically
- craftsmanshipSkill in making objects
- boutiqueSmall specialized retail shop
- personalizedAdapted for an individual
bespoke · custom · localized · grassroots · community-based · neighborhood · village · hyperlocal
bazaar
Open-air merchant district
- marketplaceVenue for commerce
- farmers marketOutdoor local produce sale
- flea marketOutdoor secondhand goods venue
souk · vendor · stall · shopkeeper · hawker · peddler · street market · trading post · swap meet · night market
supply
Furnish or stock
- demandForceful request or requirement
- pricingEstablishing monetary amounts charged
- competitionStruggle for supremacy
monopoly · oligopoly · equilibrium · scarcity · allocation · elasticity · incentives · marginal cost · opportunity cost · consumer behavior
microenterprise
Very small-scale commercial venture
- mom-and-popSmall owner-operated enterprise
- family-ownedOperated by relatives
- home-basedLocated at residence
startup · self-employed · freelancer · cottage industry · small-batch · workshop · storefront · kiosk · side hustle · gig work
artisanal
Made by skilled craftspeople
- handmadeCreated manually, not mechanically
- craftsmanshipSkill in making objects
- boutiqueSmall specialized retail shop
personalized · bespoke · custom · localized · grassroots · community-based · neighborhood · village · hyperlocal · decentralized
microeconomymacroeconomy
Economy at national scale
macroeconomics · national economy · global economy · world economy · political economy