Microeconomics in Context lays out the principles of microeconomics in a manner that is thorough, up to date, and relevant to students. Like its counterpart, Macroeconomics in Context, the book is uniquely attuned to economic, social, and environmental realities. The "In Context" books offer affordability, accessible presentation, and engaging coverage of current policy issues from economic inequality and global climate change to taxes and globalization. Key features include: Clear explanations of basic concepts and analytical tools, with advanced models presented in optional chapter appendices; Presentation of policy issues in historical, environmental, institutional, social, political, and ethical contexts—an approach that fosters critical evaluation of the standard microeconomic models, such as welfare analysis, labor markets, and market competition; A powerful graphical presentation of various measures of well-being in the United States and other countries, including income inequality, taxes, educational attainment, and environmental quality; Broad definitions of well-being using both traditional economic metrics and factors such as environmental quality, health, equity, and political inclusion; Significantly revised chapters on globalization and trade, economic and social inequality, labor markets, and public goods; Expanded coverage of high-interest topics such as behavioral economics, labor markets, and economic discrimination; Full complement of instructor and student support materials online. This new edition also features more international data and analysis, and further material on the importance of economic power in shaping policy. The latest addition to the "In Context" series combines real-world relevance with a thorough grounding in multiple economic paradigms. The book's companion website is available at: http://www.bu.edu/eci/education-materials/textbook