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Economic and management sciences

Grade 6

The economic cycle

Module 3

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:

  • brown bread;
  • 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

Application of nanotechnology in medicine
what is variations in raman spectra for nanomaterials
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Crow Reply
what about nanotechnology for water purification
RAW Reply
please someone correct me if I'm wrong but I think one can use nanoparticles, specially silver nanoparticles for water treatment.
Damian
yes that's correct
Professor
I think
Professor
what is the stm
Brian Reply
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Rafiq
industrial application...? mmm I think on the medical side as drug carrier, but you should go deeper on your research, I may be wrong
Damian
How we are making nano material?
LITNING Reply
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LITNING Reply
What is meant by 'nano scale'?
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What is STMs full form?
LITNING
scanning tunneling microscope
Sahil
how nano science is used for hydrophobicity
Santosh
Do u think that Graphene and Fullrene fiber can be used to make Air Plane body structure the lightest and strongest. Rafiq
Rafiq
what is differents between GO and RGO?
Mahi
what is simplest way to understand the applications of nano robots used to detect the cancer affected cell of human body.? How this robot is carried to required site of body cell.? what will be the carrier material and how can be detected that correct delivery of drug is done Rafiq
Rafiq
if virus is killing to make ARTIFICIAL DNA OF GRAPHENE FOR KILLED THE VIRUS .THIS IS OUR ASSUMPTION
Anam
analytical skills graphene is prepared to kill any type viruses .
Anam
what is Nano technology ?
Bob Reply
write examples of Nano molecule?
Bob
The nanotechnology is as new science, to scale nanometric
brayan
nanotechnology is the study, desing, synthesis, manipulation and application of materials and functional systems through control of matter at nanoscale
Damian
Is there any normative that regulates the use of silver nanoparticles?
Damian Reply
what king of growth are you checking .?
Renato
What fields keep nano created devices from performing or assimulating ? Magnetic fields ? Are do they assimilate ?
Stoney Reply
why we need to study biomolecules, molecular biology in nanotechnology?
Adin Reply
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Kyle
yes I'm doing my masters in nanotechnology, we are being studying all these domains as well..
Adin
why?
Adin
what school?
Kyle
biomolecules are e building blocks of every organics and inorganic materials.
Joe
anyone know any internet site where one can find nanotechnology papers?
Damian Reply
research.net
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Introduction about quantum dots in nanotechnology
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Loga
what does nano mean?
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nano basically means 10^(-9). nanometer is a unit to measure length.
Bharti
how did you get the value of 2000N.What calculations are needed to arrive at it
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Source:  OpenStax, Economic and management sciences grade 6. OpenStax CNX. Sep 08, 2009 Download for free at http://cnx.org/content/col11013/1.1
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