What does MEO mean in

A micro economy is an economic system or activity involving a small population of people who interact with each other informally. Examples of this type of economy include bartering systems, informal labor markets, village-level production activities, and self-contained communities.

Micro economies offer several advantages as compared to traditional macroeconomic models. They are often much less complex and expensive to maintain than large-scale economies, making them attractive for small scale businesses and villages. Additionally, since there is very little in the way of legal or financial regulation within these systems, transactions can be made quickly without costly paperwork or bureaucratic hassle.

Since they involve fewer people and resources than traditional macroeconomic models, MEOs tend to be inherently more sustainable due to their smaller size. Additionally, since transactions are often conducted on an informal basis within these systems, they can often increase access to essential goods without requiring expensive infrastructure or external input (such as electricity). That being said, however, it is important that these systems be managed responsibly in order to ensure their long-term viability.

The main drawback associated with MEOs is that since there is usually very little external regulation within these systems it can be difficult to ensure fairness or transparency among participants. Additionally, due their non-formal nature these types of economic systems often lack access to higher levels of capital which can limit growth potential when compared to formalized market structures like capitalism or socialism.