Economics is a way of thinking about the world. Lines on the page (as sentences or graphs) mean little if they do not describe what we see and experience in the world. To that end, this gives you a chance to apply what we have been studying so far to the world. Pick an experience or an observation and analyze it using the analytical tools we have developed so far. In other words, use economic thinking as it is intended to be used, to explain the world.
You may pick any subject you want as long as it ties into economics. If you are in this class, you have had at least one other economics course and 7 weeks of this one, you cannot explain the whole world, but be ambitious, there is lots going on in economic policy right now so no shortage of ideas. Go to one of the blogs listed in the syllabus and see what the professionals are talking about.
It is to be no more than 2 pages APA formatting (no title page or abstract), 2 sources are expected. Be creative and interesting.