Choose a pattern of events or behaviour that you have personally observed and that you are intrigued by and explain it using an economic concept. Please do not stuff your essay with complex terminology. Imagine yourself talking to a relative who has never studied economics. The best essays are ones that would be clearly intelligible to such a person. You can include graphs supporting your argument but that is not mandatory. You need not include a bibliography.

You are not expected to do voluminous research in support of your argument, although a relevant fact or two might help convince yourself and others that you are on the right track. It makes no difference whether your topic is "important," but try, as best you can, to choose something interesting. A really successful essay is one that begins with a really interesting question (one that makes the listener instantly curious to learn the answer) and then uses an economic principle or principles to construct an answer. It also does not matter whether your answer is "correct" as long as it is plausible and follows logically from the economic reasons you propose.