KEY MESSAGE:When asked to describe this text, most Lipsey readers use the same word:precise.The authors steer away from glossing 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 Behavi∨ Producers in the Short Run; Producers in the Long Run.Market Structure and Efficiency:Competitive Markets; Monopoly; Imperfect Competition and Strategic Behavi∨ Economic Efficiency and Public Policy.Factor Markets:How Factor Markets Work; Labor Markets; Capital and the Interest Rate.Government in the Market Economy:Market Failures and Government Intervention; The Economics of Environmental Protection; Taxation and Public Expenditure.An Introduction to Macroeconomics:What Macroeconomics Is All About; The Measurement of National Income.The Economy in the Short Run:The Simplest Short-Run Macro Model; Adding Government and Trade to the Simple Macro Model; Output and Prices in the Short Run.The Economy in the Long Run:From the Short Run to the Long Run: The Adjustment of Factor Prices; The Difference Between Short-Run and Long-Run Macroeconomics; Long-Run Economic Growth.Money, Banking, and Monetary Policy:Money and Banking; Money, Interest Rates, and Economic Activity; Monetary Policy.Macroeconomic Problems:Inflation; Unemployment; Government Debt and Deficits.The Global Economy:The Gains from International ™ Trade Policy; Exchange Rates and the Balance of Payments. For all readers interested in economics.