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. 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; Aggregate Supply and Aggregate Demand 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 and Policies: Inflation and Disinflation; Unemployment Fluctuations and the NAIRU; Government Debt and Deficits. The United States the Global Economy: The Gains from International Trade; Trade Policy; Exchange Rates and the Balance of Payments. For all readers interested in economics.