Which essay idea seems to be best.

This scholarship has two prompts and I have an idea for both; however, I cannot afford to create two essays. I'll have to evaluate each initial idea for its potential and some help in doing so would be much appreciated. These are NOT the intro paragraphs.

Prompt #1:
Evaluate a significant experience, achievement, risk you have taken, or ethical dilemma you have faced and its impact on you.

One significant experience I had was of an incident in the Philippines about 10 years ago. I lived in a fairly impoverished neighborhood and a house fire suddenly erupted in the middle of the night. The whole community roused up and fought the fire while also saving the victims and the majority of their belongings. And about 5 minutes after the ordeal, the firemen arrived (Fire Stations are corrupted in the Philippines). I would focus on the community though and its united effort to save a family in need.

Prompt #2:
Describe an experience that you have had or a concept you have learned about that intellectually excites you. When answering this question, you may want to consider some of the following questions: Why does this topic excite you? How does it impact the way you or others experience the world? What questions do you continue to ponder about it?

Ever since I've heard of the Laissez Faire policy, I've been interested in its impact on society and the economy. I would explain the how it allows the businesses to create their own identities and promotes healthy competition. I would also explain how it might benefit businesses for a little government intervention in poverty-stricken countries and during periods of recession (such as this one).

So which one sounds like it has more potential for not only showing my character to the reviewers but also displaying my intellectual curiosity.

I'll pile onto to the "Go with option 2" bandwagon. The second one will make it much easier for you to show your intellectual curiosity, and what you say about the philosophy will reveal much about what sort of person you are.

Oh ok, I should have a typed up draft by tomorrow night.

And as I stated, Kevin, these are NOT my intro paragraphs.

Right on, I understand what you mean. Good luck with those drafts!

Ye gods.
That's the Questbridge College Prep Scholarship, no?
I'm doing it as well; I'm finding myself somewhat intimidated by merely your topics.
Props, both seem to be impressive.

Mm, but if you read the sample essays from previous winners, you'll find that even after ripping a grammar rulebook in front of the judging panel, if you're passion and personality communicates itself effectively through your piece, grammar matters little. Personally, I would be satisfied with "lesser" prizes, such as the free college-admission conferences. Anything that will help, right?

Here's first draft. Any thoughts? And yes, I will definitely re-edit this. The 3rd paragraph doesn't really seem to correspond with the prompt, but it does provide background information. Maybe I'll whittle it down a bit. Night everyone.

The first sentence seems abstract. Maybe you should say "monetary value." Maybe not, though since money was not always used.

...have pumped hundreds of billions of dollars into their economies, hoping that their engines would start and drive them forward once again.

Wow, seduced by the Burger King's large portion! I like it...

Well, I see that you argue in favor of government intervention, but you also acknowledge the importance of capitalism (i.e. because it WORKS)... but how about if at the beginning you introduce these two ideas clearly and formally -- so that the reader sees that the essay has structure. Otherwise, it seems like you are jumping from one idea to the next.