Econs lecture 1 big ideas of economics economics – study how choices are made by people and groups marginal analysis – i think about one thing like buy 1 cup of coffee for today instead of 10 for the week microeconomics – small individuals, firms, and the market definition: it is concerned with the individual parts of the economy such as the behaviours and decisions of individuals and firms in particular markets. It is concerned about demand and supply of particular goods and service - how does getting a uni degree affect an individual lifetime earnings? better education, how much value does this degree give us - do degree holders make a higher salary than diploma holders? macroeconomics – big part of the economy definition: it is concerned with the economy as a whole. - how does interest rate affect inflation? changing the whole economy