3/26/14 “Adjusted Gross Income” 1.How is your AGI different from the amount of money you earn in a year? 2.What does the IRS use your AGI for?

1.Adjusted Gross Income (AGI) Total income minus all of your deductions Example: Income = $50,000 Standard deduction = $6,100 AGI = $50,000 – $6,100 = $43,900 2.What does the IRS use your Adjusted Gross Income for? AGI is the amount of $$ your are taxed on (basically)

3/26/14 Econ. Agenda 1.Review AGI math problems # 1 – 3 2.Discuss Russian economic sanctions & whether you think they are going to work. (class discussion) HW: None!

Where is Russia? Where is Ukraine? Where is Crimea?

This is where Ukraine is!

What is happening in Ukraine right now? Source:

Crimea: History Crimea was part of Russia/U.S.S.R. until 1954 when the Soviet leader Nikita Khrushchev gifted it to Ukraine. Source:

Crimea: History That didn't matter when this was all Soviet territory the Soviet Union collapsed. And overnight, Russia and Ukraine became separate countries, with Crimea still in Ukraine. Source:

Ukraine: East vs. West Western Ukraine tends to identify with Europe. Eastern Ukraine tends to identify with Russia. Who does Crimea seem to identify with?

Ukraine: What has happened recently? late Jan – protests erupt over rule of pro- Russian president Victor Yanukovych Yanukovych decided to ally Ukraine more with Russia than with the European Union. Source: Source: guide-tense-situation-ukraine/#!ArejJ

Ukraine: What has happened recently? Feb – protests continue & Ukrainian govt. violently cracks down on protesters 18 dead & hundreds wounded on Feb. 18 th Source:

Ukraine: What has happened recently? Feb. 20 th – protests continue… 88 people killed in 48 hours. Govt. snipers killing protesters… Source:

Ukraine: What has happened recently? February 22nd: President Yanukovych disappears & protesters take control of presidential buildings. Parliament votes to remove president from power & names interim president until elections can be held. An arrest warrant is issued for former president Yanukovych. Source: middle-east

Ukraine: What’s the Problem? February 27 – 28: Pro-Russian gunmen seize key buildings in the Crimean capital. Unidentified gunmen in combat uniforms appear outside Crimea's main airports. Source:

Ukraine: What’s the Problem? March 1: Russian parliament approves Vladimir Putin's request to use force in Ukraine to protect “Russian interests.” Source:

Ukraine: What does Russia Want? March 7: Russia says it will support Crimea if the region votes to leave Ukraine & join Russia. Source:

Ukraine: What does the U.S. think? March 12: Barack Obama pledges to stand with Ukraine (& thus against Russia) during a meeting with interim Ukrainian Prime Minister Arseniy Yatsenyuk at the White House. Source:

Ukraine: So, did they vote…? March 16: Exit polls from Crimea's secession referendum say 93% of voters support a proposal for Crimea to join Russia. However, there are reports of pro-Ukrainians boycotting the vote & voter intimidation, etc. Also, there are rules in Ukraine’s Constitution for how secession works, & this did not follow those rules. Source: secession-vote-referendum.html?_r=0

Ukraine: Why do the U.S. & the E.U. care? U.S. & European Union denounce the Crimean vote & Russian decision as illegitimate & illegal. U.S. & E.U. threaten economic sanctions & “further action” if Russia doesn’t back off. Source: draftlawforcrimeanannexationblastswest.html

Ukraine: So, what did Putin do? Putin & Russia signed treaty recognizing & officially annexing Crimea as part of Russia. Source: draftlawforcrimeanannexationblastswest.html

Ukraine: Why does this have such huge global implications? U.S., E.U. & their allies = “The West” Russia, China, & some other “Big C” Communist countries = “The East” Source: guards-to-aid-syrias-assad/

Economic Sanctions Against Russia 3.What are the economic sanctions being enforced on Russia right now? 4.Specifically, how have these economic sanctions affected Russia so far?