We present a theoretical investigation of terahertz (THz) generation in laser-induced gas plasmas. The work is strongly motivated by recent experimental results on micro-plasmas, but our general findings are not limited to such a configuration. The electrons and ions are created by tunnelionization of neutral atoms, and the resulting plasma is heated by collisions. Electrons are driven by electromagnetic, convective and diffusive sources and produce a macroscopic current which is responsible for THz emission. The model naturally includes both, ionization current and transitionCherenkov mechanisms for THz emission, which are usually investigated separately in the literature. The latter mechanism is shown to dominate for single-color multi-cycle lasers pulses, where the observed THz radiation originates from longitudinal electron currents. However, we find that the often discussed oscillations at the plasma frequency do not contribute to the THz emission spectrum. In order to predict the scaling of the conversion efficiency with pulse energy and focusing conditions, we propose a simplified description that is in excellent agreement with rigorous particle-in-cell simulations.