# 1.2 The law of the country and the economy

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## The law of our country and the economy

The country’s set of rules (laws) that has been compiled to define and protect the rights and duties of every citizen also includes a budget that sets out how the government generates money, and how this money will be spent.

Tax is one of a government’s main sources of income. There are two main categories of tax that our government recovers from its citizens.

## Indirect tax

Here are some examples:

VAT - Value added tax is levied on almost all goods and services. For example, when you buy new clothes, you pay 14% more than the original price. This 14% goes to the government. It is usually included in the price, so that the buyer does not have to make the calculation himself.

Tax on fuel – a portion of the money you pay for fuel per litre, is given to the government.

## Direct tax

People in the labour market who earn an income (in 2005 it amounts to R30 000 per year for persons under 65 and R59 990 per year for persons over 65) are liable to pay income tax according to the pay-as-you-earn system. The percentage depends on the income you earn and is calculated according to tax scales, and is deducted from your salary every month. Once a year everybody earning a certain income and higher, must complete a set of forms in which they have to declare all forms of income.

## Assignment

Calculate the VAT on the following items:

a bicycle of R860

a pencil of R4,95

a loaf of white bread of R5,25

Find out whether tax is paid on the following items and explain why:

• bananas;
• full cream milk.

[LO 1.4]

! We trust that you now know a little more about your specific role in the economic cycle and how the government is involved in the entire economic process. With this in mind, try to imagine yourself in 10 years’ time and write a brief paragraph on your possible choice of career and working conditions as you see yourself ten years from now.

## Assessment

 Learning Outcomes(LOs) LO 1 THE ECONOMIC CYCLEThe learner is able to demonstrate knowledge and understanding of the economic cycle within the context of the economic problem. Assessment Standards(ASs) We know this when the learner: 1.1 describes the roles of households, businesses and government in the economic cycle; 1.4 explains different types of taxes and how they influence consumers and businesses. LO 2 SUSTAINABLE GROWTH AND DEVELOPMENTThe learner will be able to demonstrate an understanding of sustainable growth, reconstruction and development, and to reflect on related processes. We know this when the learner: 2.3 identifies steps that can be taken by the government to redress historic imbalances and poverty (e.g. redistribution of resources, gender equity, capacity building, restoring people’s dignity, creating opportunity and empowerment).

#### Questions & Answers

how do they get the third part x = (32)5/4
can someone help me with some logarithmic and exponential equations.
sure. what is your question?
20/(×-6^2)
Salomon
okay, so you have 6 raised to the power of 2. what is that part of your answer
I don't understand what the A with approx sign and the boxed x mean
it think it's written 20/(X-6)^2 so it's 20 divided by X-6 squared
Salomon
I'm not sure why it wrote it the other way
Salomon
I got X =-6
Salomon
ok. so take the square root of both sides, now you have plus or minus the square root of 20= x-6
oops. ignore that.
so you not have an equal sign anywhere in the original equation?
Commplementary angles
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Sherica
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Sherica
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Tamia
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Uday
what is a good calculator for all algebra; would a Casio fx 260 work with all algebra equations? please name the cheapest, thanks.
a perfect square v²+2v+_
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algebra 2 Inequalities:If equation 2 = 0 it is an open set?
or infinite solutions?
Kim
The answer is neither. The function, 2 = 0 cannot exist. Hence, the function is undefined.
Al
y=10×
if |A| not equal to 0 and order of A is n prove that adj (adj A = |A|
rolling four fair dice and getting an even number an all four dice
Kristine 2*2*2=8
Differences Between Laspeyres and Paasche Indices
No. 7x -4y is simplified from 4x + (3y + 3x) -7y
is it 3×y ?
J, combine like terms 7x-4y
how do you translate this in Algebraic Expressions
Need to simplify the expresin. 3/7 (x+y)-1/7 (x-1)=
. After 3 months on a diet, Lisa had lost 12% of her original weight. She lost 21 pounds. What was Lisa's original weight?
what's the easiest and fastest way to the synthesize AgNP?
China
Cied
types of nano material
I start with an easy one. carbon nanotubes woven into a long filament like a string
Porter
many many of nanotubes
Porter
what is the k.e before it land
Yasmin
what is the function of carbon nanotubes?
Cesar
I'm interested in nanotube
Uday
what is nanomaterials​ and their applications of sensors.
what is nano technology
what is system testing?
preparation of nanomaterial
Yes, Nanotechnology has a very fast field of applications and their is always something new to do with it...
what is system testing
what is the application of nanotechnology?
Stotaw
In this morden time nanotechnology used in many field . 1-Electronics-manufacturad IC ,RAM,MRAM,solar panel etc 2-Helth and Medical-Nanomedicine,Drug Dilivery for cancer treatment etc 3- Atomobile -MEMS, Coating on car etc. and may other field for details you can check at Google
Azam
anybody can imagine what will be happen after 100 years from now in nano tech world
Prasenjit
after 100 year this will be not nanotechnology maybe this technology name will be change . maybe aftet 100 year . we work on electron lable practically about its properties and behaviour by the different instruments
Azam
name doesn't matter , whatever it will be change... I'm taking about effect on circumstances of the microscopic world
Prasenjit
how hard could it be to apply nanotechnology against viral infections such HIV or Ebola?
Damian
silver nanoparticles could handle the job?
Damian
not now but maybe in future only AgNP maybe any other nanomaterials
Azam
Hello
Uday
I'm interested in Nanotube
Uday
this technology will not going on for the long time , so I'm thinking about femtotechnology 10^-15
Prasenjit
can nanotechnology change the direction of the face of the world
At high concentrations (>0.01 M), the relation between absorptivity coefficient and absorbance is no longer linear. This is due to the electrostatic interactions between the quantum dots in close proximity. If the concentration of the solution is high, another effect that is seen is the scattering of light from the large number of quantum dots. This assumption only works at low concentrations of the analyte. Presence of stray light.
the Beer law works very well for dilute solutions but fails for very high concentrations. why?
how did you get the value of 2000N.What calculations are needed to arrive at it
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