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Economics in
Sumter County, GA
The term economics was coined around 1870 and popularized by influential "neoclassical" economists such as Alfred Marshall (Welfare definition), as a substitute for the earlier term political economy, which referred to "the economy of polities" – competing states. The term political economy was used through the 18th and 19th centuries, with Adam Smith, David Ricardo and Karl Marx as its main thinkers and which today is frequently referred to as the "classical" economic theory. Both "economy" and "economics" are derived from the Greek oikos- for "house" or "settlement", and nomos for "laws" or "norms".
Economic thought may be roughly divided into three phases: Premodern (Greek, Roman, Arab), Early modern (mercantilist, physiocrats) and Modern (since Adam Smith in the late 18th century). Systematic economic theory has been developed mainly since the birth of the modern era.
Economics (from the Greek [oikos], 'house', and [nomos], 'rule', hence "household management") is a social science that studies the production, distribution, trade and consumption of goods and services. Economics is said to be normative when it recommends one choice over another, or when a subjective value judgment is made. Conversely, economics is said to be positive when it tries objectively to predict and explain consequences of choices, given a set of assumptions and/or a set of observations. The choice of which assumptions to make in building a model as well as which observations to highlight is, however, normative.
Broadly speaking, economics is a social science, and its area of study is human activity involved in meeting needs and wants. However, beyond this there are a range of definitions, past and present which have been applied, first to the term political economy and then to the modern term economics. John Maynard Keynes once remarked that "Economics is the science of thinking." Broadly the history of the study moved from the study of "wealth" to "welfare" to the idea studying trade offs.
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Economics in Sumter
Agricultural outputs are pecans, peanuts, rye, cotton, cattle, hogs, horses, dairy products, turfgrass, and vegetables.
Its industrial outputs are farm equipment, food processing, and rubber products.
Tourism and timber industry make a small contribution to the economy.
There is a 4% state sales tax, county 2% SPLOST, and another 1%; totally 7%.
All taxes are collected by the state and then properly distributed according to any agreements that each county has with its cities.
Median Household Income: $ 24,140
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