Grade 12 Consumer Studies Marking Guideline Vocabulary

Essential vocabulary terms and definitions covering consumer economics, food and nutrition, clothing, housing, and entrepreneurship from the Grade 12 Consumer Studies examination guideline.

Inflation

The rise in prices of goods and services measured over a specific period, or the average increase in prices of goods and services in a year.

Repo Rate

The interest rate at which commercial banks can borrow money from the Reserve Bank, or the interest charged by the Reserve Bank to major banks and other lending institutions.

Consumer Price Index (CPI)

A measure that calculates the change in the price of a basket of goods and services over a specific period (such as 12 months), expressed as a percentage to serve as a yardstick for the inflation rate.

Estate duty

A tax charged on the value of all property and assets owned by South African citizens at the date of death.

Allergens

A substance that causes an allergic reaction.

Food irradiation

The treatment of food with light or radio short waves that penetrate deep into the food to kill undesirable bacteria and insects, improving its safety, acceptability, or shelf life.

Food additives

Natural or chemical substances intentionally added to food products during processing or production to perform specific functions, such as preserving or improving flavour, texture, or appearance.

Style

Specific characteristics that distinguish a product from a similar product.

Lease agreement

An agreement or contract between an owner of property and a tenant for the use and occupation of a property against payment of rental.

Mark-up

The amount or percentage added to the cost price of goods to cover overhead expenses and still leave money for a profit.