2.1 Name the document that is a legal agreement between two or more parties - NSC Consumer Studies - Question 2 - 2021 - Paper 1

Two examples of fossil fuels as a form of energy are:

1. Coal
2. Natural Gas

The repo rate is the interest rate at which commercial banks borrow money from the Reserve Bank. This rate influences the overall economy by affecting the level of spending and investment.

Consumers can save electricity in the following ways:

1. Switch off lights when not in use.
2. Use energy-efficient bulbs such as LED lights instead of traditional incandescent bulbs.
3. Utilize natural light whenever possible to reduce the need for artificial lighting.

Individuals or businesses that earn income beyond a certain threshold are required to pay provisional tax. This includes those who have income that is not subject to PAYE (Pay As You Earn) withholding tax.

Provisional tax is paid to SARS (South African Revenue Service) through two payments each year. The taxpayer estimates their taxable income for the year and pays a portion of their estimated tax liability. The first payment is usually based on the income earned during the prior year, and the second payment is adjusted based on actual income earned in the current year.

The type of club described is a community-based savings club.

Three requirements that Siyabuthana must meet to be considered a legal club are:

1. All members must know how much money is collectively invested and how it will be managed.
2. A common fund must be established, with contributions made by each member.
3. Regular meetings must be held to discuss club matters and decision-making.

To save water when using taps, the community can follow these tips:

1. Ensure there are no leaks or drips from faucets.
2. Use a cup or glass when drinking water to avoid wasting it.
3. Turn off the tap while brushing teeth or washing hands.

When it comes to toilets, the community can save water by:

1. Placing a plastic bottle filled with water in the cistern to reduce the amount of water per flush.
2. Flushing only when necessary to avoid unnecessary water use.
3. Regularly checking for leaks to ensure water is not wasted.

A scam is a deceitful scheme or fraudulent business deal that often involves tricking individuals into paying for non-existent goods or services.

Three warning signs that indicate this advertisement might be a scam include:

1. Lack of a legitimate website or contact information, which may suggest that the business is not credible.
2. Request for a deposit upfront without guarantee, as scams often demand payments before any service is delivered.
3. Promise of high returns or cash back which is too good to be true, making it a common red flag for fraudulent schemes.

The lack of refuse removal can lead to several negative consequences for a community, including:

1. Health hazards as accumulated waste can attract pests and create unsanitary conditions, leading to diseases.
2. Environmental degradation, as uncollected rubbish can pollute the local area and harm wildlife.
3. Decreased property values, since areas with poor waste management may be less desirable for residents and businesses.

The increase in food prices from R 3,057.93 in July 2019 to R 3,413.14 in July 2020 can be attributed to several factors, including inflation which raised the costs of production and transportation. Additionally, external factors such as drought conditions in certain regions resulted in reduced crop yields, further driving up prices. The overall economic climate and increased demand for essential goods also contributed to this rise, affecting consumer purchasing power.