When asked to describe this text, most Lipsey readers use the same word: precise. The authors do not gloss over subjects when presenting economic ideas; rather, they offer a patient explanation of the concept and back it up with the latest research and data. Taken separately, neither theory nor data alone can give readers a true understanding of the idea, but when combined these elements give students a complete view of economics in the real world. What is Economics?: Economic Issues and Concepts; How Economists Work. An Introduction to Demand and Supply: Demand, Supply, and Price; Elasticity; Markets in Action. Consumers and Products: Consumer Behavior; Producers in the Short Run; Producers in the Long Run. Market Structure and Efficiency: Competitive Markets; Monopoly, Cartels, and Price Discrimination; Imperfect Competition and Strategic Behavior; Economic Efficiency and Public Policy. Factor Markets: How Factor Markets Work; Labor Markets; Interest Rates and the Capital Market. Government in the Market Economy: Market Failures and Government Intervention; The Economics of Environmental Protection; Taxation and Public Expenditure. The United States in the Global Economy: The Gains from International Trade; Trade Policy. For all readers interested in microeconomics.