Supply and Demand: (1.) How does the demand for a product depend on its price? – Hogyan függ a kereslet a termék árától? If prices are higher the demand for a product will decrease. (2.) What relationship is there between price and supply? – Mi a kapcsolat az ár és a kínálat között? If prices are higher the supply of a product will increase. (3.) What is meant by ’inverse relationship between price and quantity’? – Mit jelent az: ‘inverz kapcsolat az ár és a mennyiség között’? As the selling price grows the quantity sold decreases. (4.) What do demand and supply curves show? – Mit mutat a keresleti és kínálati görbe? The demand curve shows that consumers how much to buy at given price. The supply curve shows that the manufacturers are how much willing at given price. (5.) What does the meeting point of the demand and supply curves indicate? – Mit mutat meg a keresleti és kínálati görbe találkozási/metszés pontja? This will be the market price and this is roughly how a free market works. Money: (1.) Why was gold replaced by paper money? – Miért volt helyettesíthető az arany a papír pénzzel? First, the cost of mining and processing gold is relatively high. Secondly, paper money is more convenient to use. Gold is heavy to carry and too soft to be durable. (2.) What are the basic functions of money? – Mik a pénz alapfunkciói? The first function is a medium of exchange, the second is a standard measure of value, and the third is a store of value. (3.) What are the disadvantages of barter? – Mik a cserekereskedelem hártányai? Disadvantages of barter are difficult to find all the people who needed buy the products you produce. (4.) How can money measure the value of things? – Hogyan képes a pénz a dolgok értékét mérni? Without money, you could give the ‘price’ of a car as so many shoes or so much coffee, etc. Everything would have several thousand ‘prices’ depending on what values you compare. Thus money is a unit of account. (5.) How can people accumulate wealth? – Hogyan tudják az emberek felhalmozni a vagyont? the most convenient way to store wealth is in the form of money. (6.) What is money supply? – Mi az a pénzkínálat? The amount of money that exists in the economy at any given time. (7.) Which do you think gives you easier access to your money: a current account or a deposit account? – Mit gondolsz, melyik esetben férsz hozzá könnyebben a pénzedhez: a folyószámla vagy a betétszámla esetében. (8.) What is the future of money? – Mi a pénz jövője? We are heading towards a cashless society. A highly sophisticated system of credit cards will be introduced, in which a computer network would handle the transfer of money from one account into another at the moment of the transaction. Inflation: (1.) Why doesn’t a mild increase of prices inevitably lead to recession? – Az árak elkerülhetetlen enyhe növekedése miért nem vezet gazdasági pangáshoz? A low rate of increase in the price level is not in general considered objectionable. This is usually regarded as an inevitable consequence of an expanding economy. Problems arise when the purchasing power of a currency starts to decline steadily and dramatically. (2.) When do people start to experience inflation? – Mikor kezdik el tapasztalni az emberek az inflációt? (3.) How is cost-push inflation different from demand-pull inflation? – Miben különbözik a költséginfláció a kereslet inflációtól? The theory of the demand – pull inflation takes the rise in the price level is caused by increases in consumer demand especially when governments try to simulate the economy by easing credits and to maintain full employment. the cost – push inflation assumes that it is the business world that increases the prices of goods and services even though there is no excess demand for them. (4.) When is inflation inevitable? – Mikor elkerülhetetlen az infláció? If the money supply exceeds the supply of goods available for purchase (i.e. wages rise faster than productivity) the result will inevitably be inflation. If the government finances its deficits by long-run money growth by printing more money, the inflation is inevitable. (5.) What can the causes of inflation be? – Mi az oka az inflációnak? One cause of inflation is the budget deficit. Inflation can also be started by external shocks. (6.) Explain how the inflationary spiral works. – Fejtsd ki, hogyan dolgozik az egyre növekvő infláció. One bad thing about inflation is that once it has started, it is difficult to stop; when people believe that prices will rise, they are bound to rise. It works like a vicious circle; wages and prices keep rising in an inflationary spiral, often resulting in uncontrolled or runaway inflation. (7.) What are the four effects of inflation? – Melyek az infláció négy hatása, eredménye? a.) It may lower the living standards of the population since incomes always lag behind rising prices. b.) It may discourage savings since their real value falls through time, and since savings are necessary for investment, this can slow down the growth of the economy. c.) It may cause exports to fall and imports to rise, and balance-of-payments deficits may develop. d.) Moderate or creeping inflation can accelerate and become galloping inflation, the result of which can be a breakdown of the monetary system. (8.) How is inflation related to unemployment? – Hogyan van kapcsolatban az infláció a munkanélküliséggel? Some economists suggested that the rate of unemployment and the rate of inflation are inversely related: inflation can be reduced by allowing more unemployment, or less unemployment can always be obtained by incurring more inflation. (9.) How can inflation be curbed by (a) monetary and (b) fiscal policies? – Hogyan fékezi meg az inflációt a monetáris és a fiskális/ktgvetési politika? The monetary policies is to introduce monetary restrictions by raising interest rates and thereby reducing spending. Another method is to implement the tools of fiscal policy – taxes – to drive inflation down. (10.) What do you know about hyperinflation? – Mit tudsz a hiperinflációról? Hyperinflation is a very bad thing. Interest rates and prices increase to high. Money is worth so little. Hyperinflation can result in the breakdown of the country monetary system Applying for a job: (1.) How does an English CV differ from a Hungarian autobiography? – Miben különbözik az angol önéletrajz a magyartól? A CV gives facts about you that your prospective employer may want to know. Unlike the usual Hungarian ‘autobigoraphy’, which is a narrative type of writing, a CV is concise and highly organized. (2.) What are the usual sections of a CV? – Mik a szokásos bekezdései/részei/szekciói az önéletrajznak? It is usually divided into these section: Personal Data, Career Objective, Qualifications, Experience, and References. (3.) Why is it important to ask the permission of people whose names you want to give as a reference? – Miért fontos, hogy az emberek engedélyét elkérd, akiknek a nevét közölni akarod, mint ajánlás? These are the names of respected people who know you and who have a good opinion of you. Usually three to five names are given. You can, however, simply write ‘References available upon request’, and give the names of your referees when someone asks you for them. Unemployment: (1.) How is the unemployment rate compute? – Hogyan számítják ki a munkanélküliségi rátát? This can be computed it by dividing the number of unemployed people by the number of labour force (note that this latter includes both the employed and unemployed). Multiply it by 100 to convert it into a percentage. (2.) Who suffers most from unemployment? – Kik szenvednek a legjobban a munkanélküliségtől? It is especially hard on young people, the unemployment rate for young males is often twice as high as the national average. (3.) Why is a free economy practically always characterised by unemployment? – Gyakorlatilag miért jellemző mindig a szabad gazdaságban a munkanélküliség? First, very few business activities remain unchanged month after month – much less year after year. There are occupations that naturally experience, busy and slack seasons. At these times, some people who are dissatisfied with their jobs may decide to look for another job and for some time remain unemployed. (4.) What is a normal rate of unemployment? – Mekkora a normális munkanélküliségi ráta? Economists say, a 3 to 5 per cent range of unemployment should be considered as the natural rate. (5.) How do statistics underestimate unemployment? – Hogyan becsülik alá a munkanélküliséget a statisztikák? The unemployment figures don’t always give us a true picture of unemployment. Consider, for example, that of people who only have part – time jobs. As a result of this disguised or hidden unemployment, official statistics usually underestimate the extent of unemployment. (6.) What possible consequences does unemployment have? – Mi a lehetséges következménye a munkanélküliségnek? Unemployment is damaging for the unemployed, and its cost to the economy as a whole is also considerable. Unemployment means less housing, fewer highways, and factories are producing a smaller amount of goods. Also, the unemployed are usually entitled to some form of unemployment benefit, which helps them to overcome the hardship, but the costs of this are borne by the employed. (7.) How are GNP and unemployment related? – Hogyan van kapcsolatban a GNP és a munkanélküliség? Economists have pointed out that there is an inverse relationship between unemployment rate and real GNP. They have also calculated that for a one per cent reduction in unemployment rate real GNP will rise by 2,5 per cent. (8.) What is the employment rate? – Mi a foglalkoztatottsági rata? The employment rate is the rate of labour force participation. This can be defined as the percentage of the adult population (between 16 years and retirement age) that is employed or seeking work. Terms of payment: (1.) When are buyers willing to pay higher prices? Mikor kell a vevőnek magasabb árat fizetnie? The customers are usually willing to pay higher prices when terms are more favourable. This is especially true in countries where money is tight. (2.) What should exporters bear in mind? Mi az amit az exportőrnek emlékezetében kell tartania? An exporter however should also bear in mind that it is risky to extend credit to a buyer who is not known or is uncertain. (3.) Which are the two most usual terms of payment? Mi az a két általános rész amiből a fizetés áll? Payment by letter of credit and documentary collection- are safe for both the seller and the buyer. (4.) what are the disadvantages of documentary collection? Mi a hátránya az okmányos inkasszónak? A confirmed L/C guarantees payment to the seller if he conform to its requirements but there’s no such guarantee with documentary drafts. (5.) Explain what customer default means? Magyarázd meg a vásárlói fizetésképtelenséget. Costumer default is means are the buyer haven’t got any money to pay the bill. Cultural differences: (1.) What is culture? – Mi a kultúra? Culture means more than an understanding and appreciation of art and literature; it is the learned pattern of behaviour common to members of a given society – the lifestyle particular to a specific group of people. (2.) What problems might arise from working with people whose culture is different? – Milyen problémájuk akadhat a különböző kultúrájú embereknek a munkával? Certain attitudes – quite natura in a given society – may irritate you while others embarrass or puzzle you. (3.) Why is it dangerous to consider one culture superior to another? – Miért veszélyes egy kultúrát vezetőnek tartani a többivel szemben? You must also be aware that we cannot consider one culture (usually ours) superior to any other culture; consequently you must not expect other people to behave by you standards and should not try to teach them your patterns of behaviour. (4.) How should international advertising take into consideration cultural differences? – Hogyan kellene a nemzetközi reklámba bevonni a különböző kultúrák tényezőit? Cultural differences must be taken into consideration in every business activity, especially in marketing and advertising. Advertisement must be tailored to suit cultural pattern or they risk a fiasco. (5.) How do greeting and leave-taking vary in different cultures? – Hogyan változik a köszönés és a búcsúzás különböző kultúrákban? For example: the British do not shake hands as much as many continental Europeans. In the Middle East, in a casual encounter, men almost always shake hands on meeting, chat for a few minutes and then shake hands on leaving. (6.) What subjects should you avoid when talking to a Frenchman or an Arab? – Milyen témákat kellene kerülnöd, amikor egy franciával vagy egy arabbal beszélgetsz? A Frenchman would be embarrassed if you raised the issue of a financial status of his company. An Arab would be upset by being asked his wife and children in casual conversation. (7.) How do Europeans and Asians think about tight schedules? – Mit gondol egy európai és egy ázsiai a szoros menetrendről/ütemtervről? To and European businessman, tight schedules were taken as sign of efficiency. It is quite different in Asia or the Middle East where setting a deadline in advance or putting a discussion to a sudden end may be seen as quite insulting. (8.) How do Europeans and Latin Americans look upon the value of time? – Egy európai és egy latin- amerikai milyennek tartja az idő értékét? Being kept waiting in an outer office is seen by a Western businessman as an insult but in Latin America being kept for an hour is of little significance. Money dosen’t grow on trees: (1.)where can people borrow money from? - Hol tudnak kölcsönt kérni az emberek? The most obvious source of credit is of course banks. (2)How do commercial banks secure their loans? - Hogy tudnak a kereskedelmi bankok biztonságos kölcsönt nyújtani? Commercial banks give all types of loans not to everyday though. They want customers with a good credit record and often require collateral or security. (3)Why can credit unions provide better terms for their customers than commercial banks?Hogyan tud a hitelszövetkezet jobb feltételeket nyújtania kereskedelmi bankoknál? The reason is that credit unions can provide better terms than commercial banks because they are nonprofit organisations and operate at lower cost. (4)What services do consumer finance companies offer? - Milyen szolgáltatást nyújt a vásárlói hitel vállalat In the US there so called consumer finance companies which specialise in instalment loans and second mortgages. (5)Who will ultimately pay back the loan extended by a life insurance company? - Végül ki fizeti vissza a hosszútávú hitelét az életbiztosítási cégnél? As life insurance companies pay no collection costs, and as their loans are secured by the cash value of the policy, the interest rate they charge is usually below average. (6)Which institutions offer the cheapest loans? - Melyik intézmény kínálja a legolcsóbb hitelt? Direct ar Indirect taxes: (1.)What is direct taxation? - Mi a közvetlen adózás? Taxation on individuals or companies which is made directly by them or through their employer is called direct taxation. (2.)Give examples of direct taxation. - Mondj példát közvetlen adózásra. Income tax, capita gains tax and wealth tax are examples of direct taxation. ex (3.)When do you pay indirect taxes? - Mikor fizetjük a közvetett adót? Indirect taxation is levied on expenditure and people pay it when they buy goods or use services. (4.)Give examples of indirect taxes. - Mondj példát közvetett adózásra. V.A.T. and sales tax are examples of indirect taxes (5.)What countries apply VAT? - Melyik országok alkalmazzák a VAT? V.A.T. is applied in the European Community an Hungary also uses a type of V.A.T the General Turnover Tax. (6)What is the name of the corresponding tax in the US? - Mi az amerikai megfelelője az adónak? A sales tax is imposed on goods sold in the US. The rate varies from state to state. (7.)What are excise duties? - Mi a fogyasztói adó? Excise duties are indirect taxes levied on particular products (tobacco, cigarettes, alcohol ect) produced within the country. (8) What is the difference between excise and customs duties? - Mi a külömbség a fogyasztói adó és a vám között? Excise duties are distinct from customs duties which are levied on imports (9)In what meaning is excise tax used in the US? - Mit jelent a fogyasztói adó használata amerikában? The world excise tax is used in a different meaning in the US, it can also refer to a tax levied on business rights and privileges. The corporation tax: (1)How are corporation taxes different from personal income taxes? - Miben külömbözik a társasági nyereségadó és a személyi jövedelem adó között? A corporation is a separate taxable entity and it must file an income tax return. Corporation tax rates are usually less progressive than personal income taxes. (2)What is meant by flat tax? - Mit jelent az egységes adó? In some countries governments apply a flat tax levied on the profits of the companies. Flat tax is a standard tax. (3)How is the taxable income of corporations computed? - Hogyan kell kiszámolni a vállalat jövedelem adóját? The taxable income of corporations is computed in very much the same way as for individuals that is by deducting ordinary business expenses from gross income. (4)How do capital losses affect the taxable income of corporations? - Hogyan befolyásolja a tőke veszteség az adóköteles jövedelmet a vállalatnál? Just like individuals corporations also pay taxes on capital gains- and up to a certain limit can deduct capital losses from their incomes. (5)What does withholding mean? - Mit jelent a forrásból történő levonás? Income int he from of salaries is subject to withholding. (6)What do P.A.Y.E. and A.C.T stand for? - Mit jelképez a PAYE és az ACT? P.A.Y.E.-system is called pay –as-you-earn This mean that the company deducts a certain percentage from the employers salary and pays it to the tax authorities. Companies pay estimated taxes in advance in Britain this called Advance Corporation Tax. The advance is deducted from liability for mainstream corporation tax. The value added tax: (1)What is VAT levied on? - Mik a VAT kötelezettségei? His levied on the difference between the sale price of the goods or services to which the tax is applied, and the cost of goods and services bought for use in its production. (2)At what price do traders sell their products? - Milyen áron adják el a kereskedők a termékeiket? Each trader sells his products at a price increased by the appropriate percentage of V.A.T (3)What can they reclaim? - Hogyan tudják visszaigényelni? He is then liable for the payment so obtained from his customers, but can claim a refund of any V.A.T included in the invoices for the goods which he himself purchased from his suppliers. (4)In what form is VAT passed on? - Milyen formában adható továbba VAT? At each point of exchange the tax is passed on in the from of higher prices. (5)Who pays the tax ultimately? - Ki a végső adófizető? The final consumer bears the whole tax. (6)What is the role of traders in this chain? - Mi a szerepe a kereskedőnek ebben a láncban? The traders within the chain do not bear any tax but act as tax collectors. (7)When was VAT introduced in Britain? - Mikor vezették be a VAT-ot britanniában? V.A.T was introduced in Britain in 1973 since it is the form of indirect taxation within the European Community (8)What do you know about the General Turnover Taxi n Hungary? - Mit tudsz az általános forgalmi adóról magyarországon? The Hungarian General Turnover Tax is very similar to VAT tax-liability is related to sales, exports are however exempted. The tax base is the amount received for the products sold and the services rendered. Hungary’s economy: (1)How can Hungary’s economic development be characterised? - Hogyan jellemeznéd magyarország gazdasági fejlődését? Hungary has been a predominantly agricultural country, its industrialisation began rather late in the second half of the 19th century. (2)What is the historical background of its economic development? - Mi a történelmi háttere a gazdasági fejlődésnek? The development of a modern economy was hindered by wars, revolutions, social upheavals, and foreign invansions. (3)What are some of the events of the past few decades? - Mi az a néhány esemény ami az elmúlt évtizedben történt? -staying of Russians; 40 years of communism; political reforms of the 1980s; democratic society by the early 90s (4)What problems does the Hungarian economy face at present? Hungary is still a country where mineral resources are scarce and energy has to be imported for money earned from expensively produced exports. Exports have long been hindered by quality problems, poor marketing and the protective tariffs of the industrially developed countries. A large number of Hungarians are having trouble making ends meet, living standards are falling, unemployment is at record heights, inflation is rampart. (5)What results have been achieved sofar? - Milyen eredményeket valósítottak meg ezidáig? We have successes in exports, privatisation, and tourism. Hungarian companies seem to have managed to find new markets for their products instead of the collapsed Eastern European economies. (6)What do you think are the prospects for future development? - Mit gondolsz milyen kilátások vannak a jövőbeni fejlődésre?