Why do people buy name brand products when they could buy the same product from a lesser known name for a cheaper price?
Use a a principle, or principles, discussed in the course to pose and answer an interesting question about some pattern of events or behavior that you personally have observed. Your space limit is 500 words. Many excellent papers are significantly shorter than that. Do not lard your essay with complex terminology. Imagine yourself talking to a relative who has never had a course in economics. The best papers are ones that would be clearly intelligible to such a person, and typically these papers do not use any algebra or graphs.