Unit 14 economic understanding
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Unit 14: Economic Understanding. Economic Basics for Georgia. Goods & Services Produced in GA. All throughout its history, GA has produced goods & services consumed at home and abroad GA’s productive soils and natural resources have allowed for a thriving economy.

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Unit 14: Economic Understanding

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Unit 14 economic understanding

Unit 14: Economic Understanding

Economic Basics for Georgia


Goods services produced in ga

Goods & Services Produced in GA

  • All throughout its history, GA has produced goods & services consumed at home and abroad

  • GA’s productive soils and natural resources have allowed for a thriving economy.

  • Since 1865, economy diversified to include manufacturing

  • Since 1960, developed a strong service component in its economy in areas such as banking, finance, insurance, medical care, & education


Colonial georgia

Colonial Georgia

  • Grape production & growing mulberry trees were not suitable to GA’s soils

  • Colonists developed different cash crops (crops grown for sale, not consumption)

  • Farmers began to grow

    • Rice

    • Wheat

    • Indigo

  • Vast forests allowed for production of wood related products such as tar, turpentine & pitch


Economy in post revolutionary ga

Economy in Post-Revolutionary GA

  • Cotton production began in 1786

  • Invention of the cotton gin caused cotton to become GA’s #1 cash crop before the Civil War


New south post civil war economy in ga

New South: Post Civil War Economy in GA

  • Late 1800’s saw the introduction of manufacturing & business to GA’s economy

    • Textile industry developed to produce cotton cloth; GA had cotton, abundant land/water, cheap labor

    • Businesses grew to support manufacturing

    • Forests were used to produce lumber for new factories, mills, housing, furniture, naval stores (materials used in ship building), pulp & paper

  • Largest percentage of the economy was still mainly agricultural


Mineral resources

Mineral Resources

  • New South era also rise in use of mineral resources

  • 2 major minerals were mined (still vital to state economy today)

    • Kaolin: white clay used in manufacture of paper & other products

    • Bauxite: used in the manufacture of aluminum

    • Other important minerals: gold, coal & iron


20 th century ga economic diversity continues

20th Century GA: Economic Diversity Continues

  • To meet demands of the war effort in WWI & WWII, new industry was developed in GA

    • Cars & trucks

    • Airplanes

    • Shipyards expanded & updated

  • Post WWII era saw complete industrial development of GA & agriculture became a secondary source of state revenues/employment


Ga s economy today

GA’s Economy Today

  • Agriculture: GA is a leading producer of peanuts & poultry

  • Variety of manufactured goods – food, beverages, carpet, aircraft & aircraft parts

  • Largest sector of economy is service sector (something that is performed for people rather than producing a product):

    • Medical care, banking, insurance, finance, education


Ga international trade

GA & International Trade

  • 1/6 of GA’s farm products are exported

  • More than 50 consulates, trade offices & bi-national chambers of commerce in GA

  • Foreign companies operating in GA: Germany, Japan (employs the most Georgians), the UK, France, Canada, the Netherlands; generate more than $15.5 billion in capital investment

  • Foreign investors like GA because its close to markets, suppliers & key industries, has ample transportation, good living conditions, mild climate, strong growth, and good quality, moderately priced labor market.


Ga s transportation systems world trade

GA’s Transportation Systems & World Trade

International trade continues to rise due

  • 2 deepwater ports

  • Hartsfield-Jackson International Airport plus over 260 local/regional airports

  • 4 major interstates

  • Over 5,000 miles of rail service lines

  • 1000’s of miles of federal & state hwy systems


Important economic terms to know

Important Economic Terms to Know

  • Economy – the system of growing, making, selling, buying, & using products & services

  • Market Economy – the US has a market economy in which producers & consumers determine what products are produced & what prices are paid for those products

  • Trade – voluntary exchange of goods & services between people & nations

  • Bartering - trading goods & services without money

  • Mercantilism – British economic policy to use the raw materials/resources of the colonies to enrich Britain

  • Import – a product brought into a country to sell

  • Export – a product a country sells to another country

  • Entrepreneurs – those people in a market economy who see a need & create goods & services to satisfy the need. They are risk takers, innovators, & creative

  • Profit – the amount left over after all production costs have been subtracted.


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