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One of the first effects of inflation is directly to affect the level of personal saving, which, in turn, impacts on the amount of money that can be syphoned back into the economy. In an inflationary situation capital and any interest or dividend on it falls in value, because the same amount of money buys less as prices rise. Savers may be forced to withdraw some of their capital to maintain their standard of living. If inflation is extremely high, the true rate of interest may be negative and the real value of the capital asset plus interest falls.

At the same time, during inflation, people tend to reduce the amount of savings they make because their money does not go so far. If, say, rents rise by 20% before individuals have a chance to negotiate a wage increase to cover the rise, they may be forced to cut their savings to help pay the increased rent. As prices rise, people may prefer to invest in items they expect to keep their value, rather than in savings, the value of which will fall. Gold and other precious metals (or property, for example) may be preferred to bank deposits when inflation is high.

1. The text is about:

1. different prices for goods;

2. the impact of inflation;

3. gold and other precious metals.

2. In the inflationary situation the interest rate:

1. increases;

2. decreases;

3. remains the same.

3. As prices rise people prefer to save money:

1. in bank deposits;

2. at home;

3. in precious metals or property.

4.During inflation people:

1. increase their savings;

2. reduce their savings;

3. don’t touch their savings

5. People are forced to cut their savings because:

1. they may need money to pay the increased rent;

2. they spend them on luxuries;

3.they don’t need deposits.

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Management has many different meanings: it may be used to focus on structures for designing performance-orientated achievement processes based on the division of labour (organizational aspects) or on action concepts for performing tasks involved in such achievement processes (functional aspects). However, irrespective of its usage, management is always the attempt, or the result of the attempt to reconcile, in the employment of resources, the cultural guidelines of both individual and collective action with the requirements of an actual or potential market.

In its broad meaning the term «manager» applies to the people who are responsible for making and carrying out decision within a certain system. A personnel manager directly supervises people in an organization. Financial manager is a person who is responsible for finance. Sales manager is responsible for selling products.

Almost everything a manager does involves decision-making. When a problem exists a manager has to make a decision to solve it. In decision-making there is always some uncertainty and risk.

Management is a variety of specific activities. Management is a function of planning, organizing, coordinating, directing and controlling. Any managerial system, at managerial level, is characterized in terms of these general functions.

Managing is a responsible and hard job. There is a lot to be done and relatively little time to do it. In all types of organizations managerial efficiency depends on manager’s direct personal relationships, hard work on a variety of activities and preference for active tasks.

1.How many major aspects can be found in management:

1. five;

2. two;

3. three.

2. The main goal of managements is:

1. to make an attempt to employ the resources;

2. to use the cultural guidelines;

3. to reconcile the work of individual or groups of individuals with the requirements of potential market.

3. A personnel manager :

1. is in charge of the people;

2. is carrying out decision on production;

3. supervises the work of financial department.

4. Why is decision-making difficult?

1. It takes a lot of time.

2. It is risky

3. It is a routine job.

5. Do you agree that management:

1. is not really a very difficult job?

2. uses personal relations?

3. is not required in some organizations?