This paper should be a letter.
You are a candidate for a job that you very much wish to win. Your prospective employer, Ms. Jane Doe, looking closely at your resume, wonders what advantage it might serve her to hire you, given your background in economics. So she sets you this assignment, writing:
“Congratulations. You have made it to my shortlist of potential hires. My decision will be contingent on who can give me the best answer to the following question: Of all the things that you have learned during the course of your education in economics, what single economic concept do you believe will be most useful to you as you think about economic problems on behalf of my company? Tell me a little about what that concept means and where it came from, and give me a couple of examples of how that concept might be practically applied to our work together.”
In a letter of 500 (no less than 475, and no more than 525) words, answer your prospective employer’s question. Remember: She is extremely intelligent and well known as a business leader, but she has no formal training in economics. It is your task to translate the concept you choose into ordinary language—that is, into “plain English.”
Begin your letter with a salutation. (If you don’t know what that is, look it up.) Use an appropriate closing (“Best regards,” “Sincerely yours,” etc.) with your name, so that Ms. Doe and I can tell who is writing the letter. As always, format your letter so that it is double-spaced, 12-point Times or Times New Roman, in Word .doc format.