You choose the topic, but it must be related to economics.
Offer a common presumption about a subject, and then offer an alternative view based on economic thinking/logic.
Example: Many believe minimum wage laws are used to correct a failure in labor markets, but, forcing higher wages actually interferes with the market system and leads to higher unemployment (These are the main points, and you would need to cite books and articles discussing these points).
The essay should be at least 3 pages (minimum 750 words total) i will also need an outline of the paper that include:
A thesis topic you are going to address.
This list of references are those you will be relying of for you paper; these references should provide the basis for alternative views/answers on your thesis question, based on economic thinking/logic