SS-212 Economy of Micronesia

Course Description:  This course introduces students to basic economic structures of the Freely Associates States with more emphasis on development aspect of the Federated States of Micronesia’s economy. Lessons are drawn from various reports and government websites and are weaved into three general themes: Palau Economy, Marshall Islands Economy, and the Federated States of Micronesia’s economy.  Basic developmental economic and macroeconomic principles are also introduced to help students better their understanding on the economic cycle, and examine past policies that were employed to stimulate growth of the island economies. 

  • Prerequisite Courses:   ESL EN110; SS150

A. PROGRAM LEARNING OUTCOMES (PLOs):

The student will be able to:

  1. Demonstrate the ability to read, speak and write critically and effectively in English about Micronesian Studies Program course content.
  2. Demonstrate proficiency in the geographical, historical, and cultural literacy of the Micronesian region.
  3. Demonstrate proficient knowledge of the structure and functions of the government and social, political, and economic issues concerning the Micronesian Studies course content.
  4. Demonstrate the ability to perform research and write papers relevant to Micronesia using different methods and technologies.
  5. Demonstrate an appreciation of the requirements of good citizenship in the FSM.

B. STUDENT LEARNING OUTCOMES (SLOs) –GENERAL: 
The student will be able to:

  1. Demonstrate knowledge on developmental economic concepts and basic tools that are
    important to  understanding the economy and how it functions.
  2. Describe the economics features of the Federated States of Micronesia, Republic of
    Palau, and the Republic of the Marshall Islands
  3. Describe FSM’s past macroeconomic performance during the first Compact with the
    United States, the policies used to improve economic growth, policy alternatives, and
    challenges.
  4. Describe the development challenges to the productive sectors of the FSM Economy.
  5. Demonstrate the ability to analyze and critic FSM developmental reports and able to
    write basic recommendations for sector development.

SLO

PLO1

PLO2

PLO3

PLO4

PLO5

1

ID

I

D

I

I

2

ID

I

D

I

D

3

ID

I

D

I

I

4

ID

I

D

I

I

5

I

I

D

I

I

I = Introduced
D = Demonstrated
M = Mastered

C. STUDENT LEARNING OUTCOMES (SLOs) – SPECIFIC
The student will be able to:

General SLO 1.  Demonstrate knowledge on developmental economic concepts and basic tools that are Important to understanding the economy and how it functions.


Student Learning Outcomes

Assessment Strategies

1.1 Demonstrate  understanding of fundamental economic concepts such as GDP, the product market, the resources (factor) market, economic activities, economic systems, law of demand and supply, equilibrium prices, and other macroeconomic principles that are necessary to develop general understanding of how the economy function.

Test (scored with rubric)

1.2 Demonstrate ability to interpret economic data, construct economic models (graph, charts, and tables) and explain relationship between variables.

Class practice – not graded

Test (scored with rubric)

General SLO 2.  Describe the economics features of the FSM, Palau, and the Marshall Islands economies


Student Learning Outcomes

Assessment Strategies

2.1 Describe the general economic features of the FSM economies

 

Test (scored with rubric)

2.2 Describe the general economic features of the Republic of Palau’s economies

2.3 Describe the general economic features of the Republic of the Marshall Islands ‘economies

General SLO 3.  Describe FSM’s past macroeconomic performance during the first Compact with the United States, the policies used to improve economic growth, policy alternatives, and challenges.


Student Learning Outcomes

Assessment Strategies

3.1 Demonstrate understanding of the FSM GDP, fiscal policy as a tool to stimulate growth, the share of the public sector vs. private sector, and economic performance of the FSM Economy  during the Compact 1 

 

Test (scored with rubric)

3.2 Describe the four state economic performance during the first compact
3.3 Describe FSM sectoral development during Compact 1

General SLO 4.  Describe the challenges to develop the productive sectors of the FSM Economy.


Student Learning Outcomes

Assessment Strategies

4.1 Describe how the FSM Economic structure is in itself an impediment to development (Upside Down Economy & and an unique economic structure called MIRAB-which stands for Migration, Remittance, Aid, and Bureaucracy). 

Test (scored with rubric)

4.2 Explain how the socio-cultural practices of the FSM people and how they can be hindrance to development

Class work
Test (scored with rubric)

General SLO 5.  Demonstrate the ability to analyze and critic FSM developmental reports and able to write basic recommendations for sector development.

Student Learning Outcomes

Assessment Strategies

5.1 Demonstrate understanding of past economic performance of the FSM Economy (Review of the FSM economic performance during the Compact 1 period) 

Test  (scored with rubric)

5.2 Demonstrate understanding of past economic performance of the FSM State economies (Review of the FSM economic performance during the Compact 1 period)

Class discussion
Test (scored with rubric)

5.3 Demonstrate understanding of past the FSM sectoral development (Review of the FSM economic performance during compact 1 period)

 Class work

D.  COURSE CONTENT

  1. Introduction to basic economic principles
  2. Economies of the Freely Associates States
  3. FSM States Economic Performance during the first Compact
  4. Socio-cultural and geographical factors impeding economic growth of the FSM
  5. FSM Development & Policy Recommendations

E. METHODS OF INSTRUCTION
Lecture, discussions, Group research, scaffolding & coaching exercise

F. REQUIRED TEXTBOOK(S)/ MATERIALS
O’Connor, D., & Faille, C. Basic Economic Principles: A guide for Students, 2000. Greenwood Press. (or most recent edition)

G. REFEREMCE MATERIALS
Department of Economic Affairs, Proceedings of the 2nd FSM Economic Summit
Government of the Federated States of Micronesia, 1999 (or most recent report)

Hoyle, K., Business Economics Made Simple, 1980. W. H. Allen London, A Howard & Wyndham Company (or most recent edition)

Retrieved from http://www.spc.int/prism/country/fm/stats/

Retrieved from http://www.spc.int/prism/country/mh/stats/

Retrieved from http://www.palaugov.net/stats/PalauStats/PhysicalFeatures/phyfeat.htm

H. INSTRUCTIONAL COST
None

I.  EVALUATION
None

J.  CREDIT BY EXAMINATION
None

 

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