Explain the difference between microeconomics and macroeconomics to an audience who lacks an understanding of capitalism

Scarcity means the condition of unlimited wants and limited resources. Everybody on earth deals with scarcity because there are not enough resources for everybody to have everything they might want all the time. Societies have developed three main systems for allocating resources in the face of scarcity - there are traditional, command, and market economic systems. No matter how the resources are allocated and no matter who allocates them, the divisions of economics are the same. Microeconomics deals with the small units of economics - individuals, business firms, and whole industries. Macroeconomics deals with the economic system as a whole.