Scarcity refers to the limit upon resources that we have which force economical decision making.
The branch of economics that looks at the economy as a whole. It looks at factors which affect the wider economy rather than individuals. Examples include inflation, trade, unemployment, and economic growth.
True free markets don’t exist anywhere in the world. This is because free markets and free trade go hand in hand. There exists no country that has free trade with every other. Although Hong Kong doesn’t operate a tariff regime, it is unable to export its products and services to others free of tariffs. Free market ideologies such as neoliberalism are attacked and concluded that they have failed.