Traditional Hungarian Goulash (Gulyás)

Ingredients:

• 500 g (1 lb) beef (chuck or shank), cut into cubes
• 2 tbsp oil or lard
• 2 large onions, finely chopped
• 2 tbsp sweet Hungarian paprika
• 1 tsp caraway seeds (optional)
• 2 cloves garlic, minced
• 1 tomato, chopped (or 2 tbsp tomato paste)
• 1 green bell pepper, chopped
• 2–3 carrots, sliced
• 2–3 potatoes, cubed
• Salt and pepper to taste
• 1–1.5 L (4–6 cups) water or beef broth