This paper presents a comparative analysis for energy trading priorities among different consumers and prosumers in a residential microgrid. The transactive energy trading frameworks are considered based on two approaches where all houses in a residential microgrid participate in trading energy among themselves before the energy transactions with the main power grid. The first approach is mainly based on the energy shortage of different houses where the energy transactions among different houses occur based on a pre-defined strategy, e.g., priorities are given to some specific houses at a defined rate. The second approach is developed by formulating a competitive and open transactive energy market using a game theoretic approach with a multi-player game to provide more flexibilities to the participants. A comparative analysis is provided between these two approaches, by considering a residential microgrid in Australian contexts, in terms of flexibility index and saving electricity bills. It is found that the second approach provides more flexibilities to the participants though there are not much differences in saving electricity bills.