Caucasian as in people from the Caucuses mountains. The reason whites are called caucasians now is because in the 18th (I think) century science was so primitive that historians thought all white (i.e. Norhern Europeans/Aryans/Indo-Europeans) originated in the Caucuses mountains. They were very wrong (today it is thought of as Central Asia?).
Blacks, oddly were not called Africanoids from their land of origin but Negriods based on color (again because there was no understanding of true genetics/DNA) and Mongoloids becaue all Chinese looking people must have originated from the more primitive Mongols.
Grabage science all of it but the classifications stuck.
To say Caucasian is correct in terms of Georgians and Chechens and Armenians, etc.
Well, doesn't Caucasus mean "white?" In fact, that's the name of those mountains in English, the White Mountains.
As for Mongoloids, I guess that's one name where color plays no role.