EU - Economic Understandings Module Overview

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Economic Understandings

Introduction

Georgia has a vast economic history dating back to the colonial period. Today Georgia is central to international trading and businesses. The state continues to attract new businesses to help increase the revenue and prosperity of its citizens. Today companies such as Coca-Cola Company, Delta Air Lines, Georgia-Pacific, and Home Depot all call Atlanta, Georgia this home for their company headquarters. From the humble beginnings of agriculture, Georgia has risen to be one of the most successful internationally recognized states. 

 

Module Lessons Preview

In this module, we will study the following topics:

Goods and Services in Georgia Over Time: Throughout Georgia’s history, the state has prospered due to its climate and geographical location. As the state shifted its focus on goods and services produced, the key location and comfortable climate has helped raise the state to economic prosperity throughout each period in time. 

Free Trade: Trade has changed throughout Georgia’s history, but it has remained an important part of the Georgian economy. The concept of free trade is trade that is unrestricted by tariffs or other barriers. Free trade offers consumers a wide range of choices for products and these open markets often lead to a higher standard of living. 

Influence of Georgia's Growth and Development: While not all business ideas will equal financial prosperity, several of Georgia entrepreneurs have successful businesses. They contribute to the Georgia economy and provide the state with job opportunities. A small idea can grow into a local business, a national company, and then into international opportunities. 

Revenue and Services among State and Local Governments: To run a state government, the state must have money! Georgia’s government comes from four major categories:

      • Sales Taxes: Paid by consumers when they purchase items.
      • Federal Grants: The money the U.S. government gives to states to help fund items such as education and interstate highways.
      • Personal Income Taxes: Both states and the U.S. government tax the earnings of individual citizens and the money they earn from investments.
      • Property Taxes: Private homes, land, and business properties are taxed based on their value. This is a major source of funding for local governments.

Personal Money Management: Understanding money management is an important trait throughout your life. The sooner you understand good money habits, the more financial security you will have in your future. Money is needed to buy any goods and services. Your income provides you with the money to spend on these services. Often people use credit to purchase items now and pay for them later. Understanding the concept of interest and borrowing money is important to a secure financial future. 

 

Key Terms

  • Antebellum: The time period before the Civil War
  • Free Trade: Trade between countries that is unrestricted by tariffs
  • Enterprise: A collection of organizations and people formed to create and produce a product

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