2.1 State TWO ways of calculating interest on credit agreements - NSC Consumer Studies - Question 2 - 2022 - Paper 1

Grey goods or parallel imports refer to products that are imported and sold through unauthorized channels. These goods are not illegal as long as all necessary duties have been paid.

Consumers can save water when gardening by:

1. Using greywater: Recycle water from baths, sinks, or washing machines for irrigation.
2. Choosing drought-resistant plants: Selecting plants that require less water can significantly reduce water usage.
3. Watering during cooler times: Watering in the early morning or late evening minimizes evaporation.

VAT is a type of indirect tax that is charged on goods and services at each stage of production. It is typically calculated as a percentage of the sale price.

Excise duty, commonly known as sin tax, is a tax imposed on specific goods, often those considered harmful such as tobacco and alcohol, to discourage their consumption.

Three ways to save electricity when using a refrigerator include:

1. Allowing air to circulate: Keeping the refrigerator organized allows proper airflow.
2. Avoiding overloading: An overloaded fridge loses efficiency; keeping it at optimal capacity is essential.
3. Setting the correct temperature: Adjust the thermostat to ensure the refrigerator is not too cold while still safely preserving food.

Municipalities can implement various strategies:

1. Improve street lighting: A well-lit area can deter crime by increasing visibility.
2. Install security cameras: Surveillance can act as a deterrent and help in crime monitoring.
3. Host community watch programs: Engaging residents in monitoring local areas can foster community responsibility and reduce crime.

A multi-level marketing (MLM) scheme allows individuals to sell products directly while recruiting others to do the same. Participants earn commissions from their sales and can also benefit from sales made by individuals they have recruited, creating multiple levels of income generation.

A contract is a legal agreement between two parties where one party agrees to provide a benefit or service in exchange for something of value from the other party.

The cooling-off period allows consumers to cancel a contract without penalty within a specified time frame, typically a few days. This protects Ayanda by allowing her to reconsider her decision without incurring cancellation fees.

Using gas for energy has several environmental benefits:

1. Lower emissions: Gas burns cleaner than coal, producing fewer air pollutants.
2. Reduced carbon footprint: Utilizing natural gas can considerably decrease greenhouse gas emissions compared to other fossil fuels.
3. Less resource extraction: Natural gas extraction generally results in less environmental disruption than mining for coal.

Increasing fuel prices directly affect consumers' budgets, leading potentially to less disposable income for necessities. Higher transportation costs may force consumers to choose between essentials, impacting their rights to meet basic needs like food and housing. Additionally, businesses may raise prices on goods, further straining consumer finances.