Topic 1 - Explain the one key benefit and one negative to trade, whether it is between US States or the US and other countries. Use the concept of "specialization" to explain your benefits and negatives. As part of your response, think of two US states with different economic products and services and explain the effect on consumer surplus or quality of life by exchanging goods or services between those states.

Here is an example (your answer must be your own and not this example): corn in grown in Iowa and used to feed cattle in Colorado. The specialization of growing corn in Iowa with higher yields enhances the beef production in Colorado that is then sold to grocery stores and consumers in Iowa.

Topic 2 - In Chapter 4, we introduced the laws of supply and demand. Explain what the laws each of supply and demand are to you. Then provide an example of a change in supply and a change in demand and explain direction of the "shift" of the demand. Then explain the shift in the supply curve. Use a separate product example for demand and then supply. (Two different products.)