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Economic Understanding

What is an example of a service industry ? tourism
Which invention had the greatest effect on Georgia's economy in the early 1800s ? cotton gin
Taxes on imported goods are known as ? tariffs
When Georgia trades peanuts to China in exchange for toys, both countries gain
The trade policy of Great Britain during the period of colonization was called mercantilism
How did the colonies benefit Great Britain economically ? the colonies enabled Great Britain to manufacture goods to sell to other countries
How does international trade affect Georgia's economy ? its has strengthened the state's economy and provides thousands of jobs
A motivating factor for entrepreneurs is their desire to maximize their profit and gain wealth
What was the economic base of Georgia and the Southern colonies during the colonial period ? rice.indigo,wheat,and forest products
What factor LEAST contributes to the success of an entrepreneur ? family money
What entrepreneur is associated with Coca-Cola? John S. Pemberton
Perhaps the GREATEST risk taken by the makers of Coca-Cola in an effort to increase their profit was a decision to change the soft drink's advertising
Where did the company that became Delta Airlines begin? Macon
Who were the entrpreneurs who founded the Home Depot warehouse stores? Bernie Marcus and Arthur Blank
Georgia-Pacific does NOT manufacturer what product? pesticides
What company, founded in Augusta in 1927, is one of the world's leading manufacturers of paper and building products? Atlantic Station
John Pemberton, Truett Cathy, and Ted Turner are all founders of important Georgia businesses. What is another name of a founder of a company? entrepreneur
What is Capital ? money used to invest in business
What is Credit ? An arrangement to receive cash, goods, or services now and pay for them in the future.
What is Services ? Actions or activities that one person performs for another. Intangible things of value (haircuts, maid service, laundry, education, etc.)
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