I.

Gazdasgi alapfogalmak
a)
b)

A gazdasg szerepli, szektorai

Gazdasgi hatsok s mutatk

a.) Economic actors and sectors

1.)

What does economics deal with?

Economics studies the choices people make in order to satisfy their

needs in a society where resources are not unlimited. It examines the
laws of:
-

production
distribution and
consumption.

The two branches of economics are micro- and macroeconomics.

Microeconomics is the study of smaller-case choices made by individual
consumers, households and companies. Macroeconomics deals with the
level of society (economic growth, money supply, government
spending, inflation, employment and unemployment).
2.)
Economic actors
3.)
a.
b.
c.
d.

individuals / households
companies
states / countries and their organisations
regional organisations

Economic sectors
Primary sector : direct use of natural resources.
Secondary sector: producing manufactured goods
Tertiary sector: producing services
Quaternary sector: information services

The primary sector is usually most important in less developed countries,

and typically less important in industrial countries. They make direct use of
natural resources. This includes agriculture, forestry, fishing and mining.
The secondary sector generally takes the output of the primary sector and
manufactures finished goods. These products are then either exported or
sold to domestic consumers and to places where they are suitable for use
by other businesses. This sector is often divided into light industry and
heavy industry. Many of these industries consume large amounts of energy
and require factories and machinery to convert the raw materials into
goods and products. They also produce waste materials and waste heat
that may pose environmental problems or cause pollution.

The tertiary sector involves the supplying of services to consumers and

businesses, such as baby-sitting, cinema and banking. (A shopkeeper and
an accountant would be workers in the tertiary sector.)
The quaternary sector of the economy is a way to describe a knowledgebased part of the economy. For example information generation and
sharing, information technology, consultation, education, research and
development and financial planning.

b.)

Economic impact and basic economic factors

4.)

The definition of economic impact

The effect that an event, policy change, or market trend will have on
economic factors such as interest rates, consumer confidence, stock
market activity, or unemployment. Events such as regulatory changes,
supply shortages or natural disasters can have a significant economic
impact due to the way that they affect business activities.
5.)
The most common economic factors
a. Supply and Demand: it is the backbone of a market economy.
Demand refers to how much (quantity) of a product or service is
desired by buyers. Supply represents how much the market can
offer. Price, therefore, is a reflection of supply and demand.

b. Unemployment level: unemployment occurs when people

are without work and actively seeking work.

c. Inflation rate: Inflation is a persistent rise in the general level

of prices over a period. The inflation rate the percentage
increase in the price of goods and services, usually annually. Higher
inflation is typically accompanied by higher prices, so
consumers may be less willing to buy non-essential or luxury
items. If salaries don't rise at the same rate of inflation, people
actually lose money.
d. Fiscal policy: is the use of government revenue collection (mainly
taxes) and expenditure (spending) to influence the economy. The
government can affect the level of prices by controlling or regulating
them (it is within the governments power to control inflation)

e. Foreign Exchange Rates: A nation's foreign exchange rate is

the value of its currency in the international market. When the
value of the countrys currency is high in relation to other
countries' currencies, the more goods and services we are able
to
import.
f. GNP (gross natural product) is the value of final goods and
services produced by domestically owned factors in a year,
including income from abroad. GNP allocates production based on
location

of

ownership.

g. GDP (gross domestic product) is the total of value of final

goods and services produced by a countrys economy within
the countrys boarders in a year. It defines production based on
the geographical location of production.