Economics is often called the study of how to resolve scarcity so as to best satisfy our wants and needs — how to allocate scarce resources, such as money, natural resources, our time, or our energy, among their many competing uses. That's the subject of economics.

Perhaps more important, though, is that economics is a way of thinking. The most important thing you'll get from studying economics is that you'll learn to "think like an economist" — developing skill at identifying the essential elements of a problem, and developing the analytical skills for finding solutions.

Consequently, studying economics gives you a superb preparation for many careers in business, law, government, education, and consulting. Graduates with a bachelors degree in economics are sought by financial institutions, by consulting firms, by government agencies, by law schools and business schools, and by business firms of all kinds and all sizes. This is reflected in the salaries that economics graduates command — and not only at the beginning of their careers, but also in growth of income throughout their careers.