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Economics is the scientific study of how people and institutions make choices concerning the use of society’s scarce resources. Applied to business, economics is primarily concerned with the decision-making of households and firms within a market context. The importance of economic analysis is recognized by it being the only social science in which a Nobel Prize is awarded. The B.B.A. in economics provides the analytical skills and empirical background needed to understand the dynamic problems facing businesses in the ever-changing economic environment. Career opportunities available to an economics graduate include management, research, and instructional positions with corporations, banks, economic development agencies, trade organizations, governments, and educational institutions.