Economics is the study of how societies use their limited resources to produce wealth, and how the distribution of wealth among their members is determined. This very broad field covers topics ranging from the causes of inflation and unemployment to the behavior of individual households and businesses. Knowledge of economics helps households and businesses understand how economic events will affect them, how they can best react to these events, and how to assess government economic policies.

Economics graduates are considered generalists who are well-trained in analytical thinking. Many employers find such graduates valuable because they are good at problem-solving; they are adaptable to a rapidly changing business environment; and they are trainable. Employers know these workers can quickly learn on the job the specific skills they need. Majoring in economics is, therefore, a spring-board to a very wide variety of careers, not only in businesses, but also in government agencies and not-for-profit organizations. For example, recent Old Dominion University economics graduates have found career positions with Federal Express, Jackson-Hewitt Tax Service, and the U.S. Department of Labor. Economics is an extremely versatile major. A major in economics is also excellent preparation for graduate study toward master's and doctoral degrees in economics, business, public administration, urban studies, international studies, marine affairs and other fields. Furthermore, even many law schools encourage prospective students to consider majoring in economics as undergraduates.