PA28 INITIATES GAR ON SHORT FINAL AT 2L1 BECAUSE OF OTHER ACFT ENTERING RWY DURING CTAF COMS.

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I WAS WITH A STUDENT PRACTICING LNDGS AT LARIMORE ARPT (2L1). WE ENTERED THE PATTERN ON L; MIDFIELD; DOWNWIND FOR RWY 30. WE MADE A RADIO CALL WHEN APCHING THE ARPT FROM THE E; WHEN OVERFLYING AT 2400 FT MSL; WHEN ENTERING THE MIDFIELD DOWNWIND; WHEN TURNING BASE; AND WHEN TURNING FINAL FOR RWY 30. THERE WERE NUMEROUS ACFT OPERATING AT THE ARPT FOR A FLY-IN. AS WE WERE ON SHORT FINAL (1/2 MI OUT) RWY 30; A CESSNA MADE A RADIO CALL THAT HE WAS DEPARTING RWY 30 AND THEN TURNED ONTO THE RWY AND BEGAN TO TAKE OFF. IMMEDIATELY AFTER THIS CALL; I MADE A CALL STATING AGAIN THAT WE WERE ON SHORT FINAL FOR THE RWY AND SAID WE WERE GOING AROUND. (WE CLRLY HAD THE RIGHT OF WAY.) WE STARTED THE GAR AS SOON AS THE ACFT ROLLED ON THE RWY (WE WERE ALMOST 1/4 MI FINAL AT THAT POINT) AND ON OUR CLB; MOVED TO THE R OF THE RWY TO KEEP TFC IN SIGHT. WE MADE ANOTHER CALL DURING THE GAR; STATING WE WERE JUST ABOVE THE RWY. REGARDLESS; THE ACFT (WHO IS ALSO MAKING RADIO CALLS ON THE SAME FREQ) CONTINUED TO TAKE OFF KNOWING FULL WELL THAT WE WERE THREE. AT THIS POINT; WE COULD NOT SEE THE DEPARTING ACFT BECAUSE HE WAS BELOW OUR L WING; SO WE MADE A R 360 DEGS (AFTER WE HAD ALT TO DO SO) TO GIVE THE PLT BELOW US TIME TO FLY UPWIND SO THAT HE WOULDN'T CLB RIGHT UP INTO US. SO BASICALLY; THE DEPARTING CESSNA DIDN'T GIVE WAY TO US (THE LNDG TFC). WE; AS A RESULT; DID A GAR WHILE THE CESSNA CONTINUED HIS TKOF ROLL BELOW US AND SLIGHTLY TO THE L.