Topic: Consume or Conserve?
Essay contest deadline: March 11, 2011

One of the basic questions of economics is the choice between consumption and saving. When scarce resources are used today, what is the impact? Will future generations lack important resources because they have been depleted? Can the use of some types of resources cause irreparable harm to the environment?

A variety of public and private initiatives seek to encourage consumers to conserve natural resources in order to slow resource depletion or minimize environmental impact.

• Curbside recycling in a city
• Land that is set aside through private or public initiatives
• Mandatory fuel standards or tax credits for hybrid vehicles
• Carbon taxes or cap and trade systems
• Green building codes

The 2011 Economic Essay Contest, Consume or Conserve?, asks you to judge one of these conservation initiatives or one of your own choosing. Use basic economic concepts, such as scarcity and opportunity costs, and fundamental economic models, like supply and demand, to analyze the merits and effectiveness of a specific conservation plan or environmental regulation. The initiative that you analyze might be local, national or global in scope. In your essay, describe the plan and its benefits, evaluate the costs of the plan and draw a conclusion about the effort.

Contest Details
The contest is open to 11th and 12th grade students attending schools in the Eleventh Federal Reserve District, which covers Texas, northern Louisiana and southern New Mexico. Participants submit essays to the appropriate office of the Dallas Fed, as determined by the location of their school. See the list of Eleventh District counties to determine the appropriate office.

Essays may be submitted now through March 11, 2011.

• Student entry form

Awards Ceremonies
Ten essays will be selected for recognition from each office. The selected students, their parents and their supervising teachers will be invited to an awards ceremony at the office where they entered:

• Dallas: April 11
• El Paso: April 13
• Houston: April 12
• San Antonio: April 13

The top three finalists from each of the four office locations will be invited to an awards luncheon at the Federal Reserve Bank of Dallas on May 17. Each of the 12 finalists will receive a savings bond:

• First place: $1,000 Series EE savings bond
• Second place: $500 Series EE savings bond
• Third place: $250 Series EE savings bond
• Remaining finalists: $100 Series EE savings bond

The supervising teacher and parents or guardians of each finalist will be invited to attend the awards luncheon. Guests will have an opportunity to tour the Bank during their visit.

For attendees from outside the Dallas–Fort Worth area, the Federal Reserve Bank of Dallas will cover travel expenses (automobile mileage or round-trip airfare, if distance requires) for the student, the supervising teacher and one parent or guardian.

Note: All parents or guardians are welcome to attend the luncheon, but the travel expenses of only one per student will be covered.

Mailing Information and Contacts

The Rules

1. The deadline for entry is March 11, 2011. Essays must be postmarked on or before that date.
2. The student entry form with signatures of the student, a parent or guardian and the supervising teacher must accompany the essay.
3. Each student may submit only one essay.
4. Essays must be in 12-point type and limited to five double-spaced, one-sided, numbered pages with one-inch margins.
5. Each essay must have a separate title page listing these items:
   Essay title
   Student’s name
   Supervising teacher’s name
   School name
   Total number of pages submitted
6. The title of the essay, but not the author’s name, should appear at the top of the first page of text.
7. A reference page should be included after the last page of text. All sources must be properly acknowledged and correctly noted in the essay.
8. The entrant must submit two copies of the essay. Essays will not be returned to the author.
9. Essays that do not conform to contest rules and regulations will not be submitted for judging and will not be returned to the author.
10. Family members of Federal Reserve Bank employees are not eligible to participate.

Judging
Qualified Federal Reserve staff will judge the essays according to five criteria:

1. Comprehension—How well does the essay reflect a thorough understanding of the topic?
2. Conclusions—Do the conclusions follow logically from the argument? Are the conclusions compelling?
3. Creativity—Were diverse resources and original ideas used to develop the topic?
4. Organization—Does the argument follow a logical and easily understood progression? Does the evidence support the essay’s main points?
5. Writing—Were correct grammar, spelling and punctuation as well as concise language used?