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Text 1. Krasnoyarsk Krai: General Information

Task 1. Read and study the following text.

Task 2. Write down the words and expressions from the text, which indicate the principle concepts of the topic.

Investment attractiveness of the Krasnoyarsk Krai is determined by a complex of external and domestic factors, which form both positive and negative tendencies of social and economic development, determine the degree of stability and financial independence, the standard of living of the population and business activity.

External competitive advantages of the region are determined by its favorable geographical and geopolitical position.

Krasnoyarsk Krai is:

• one of the largest regions in Russia: its total area is 2.339.7 thousand sq. kilometers (13.7 % of Russia's territory the second largest area among the 89 regions of Russia), population is 2.942.0 thousand (13th largest population), the Krai extends for almost 3.000 kilometers from the Arctic Ocean to the mountainous regions of Southern Siberia;

• the region is exceptionally rich in raw materials with unique fuel, mineral and hydro-energy resources;

• the region has large reserves of timber (larch, pine-tree, cedar, fir and silver fir). The reserves of timber are 7.4 billion cub. meters, i.e. 9.4 % of the total reserves of Russia; having 52.7 million cub. meters of calculated wood cutting area the region annually cuts about 9 million cub. meters (17,1 % of the calculated wood cutting area);

• the largest Russian exporter of non-ferrous metals, with high degree of liquidity in the international markets (2.4 % of the total exports from Russia), non-precious metals and metal-ceramics, fine woods and end products, inorganic chemistry products, nuclear and energetic equipment, mineral raw materials, oil and gas products, synthetic materials, etc.;

• the region with a well-developed transportation system. Its capital – the city of Krasnoyarsk is a large transportation center of Eastern Siberia as it is located at the site where the Trans-Siberian Railway and Trans-Siberian Highway cross the Yenisei River providing access to the Northern Sea Route;

• the region is crossed by a number of domestic and international air routes which, along with realization of the Cross-Polar Air Routes project allowed to shorten the time needed to get from North America to South East Asia.

Internal competitive advantages of the region are determined by the current state of the regional economy and availability of resources for its development in the future. There are following main internal competitive advantages of the Krasnoyarsk Krai:

• the Krai is an important industrial region of Russia (volume of the shipped goods according to the types of economic activities in 2005 made up 376.8 billion rubles);

• a lot of industrial enterprises, including those representing the military industrial establishment, are located in the Krai. This provides great opportunities for diversification and development of the economy;

• a substantial amount of highly qualified and skilled work force is available in the region;

• the Krasnoyarsk Krai is the scientific center of Siberia, advanced branches and scientific institutes are located in its territory;

• there is a number of opportunities for vertical integration of production based on exploitation of local reserves of natural resources and their processing;

• much of scientific and innovative potential of Siberia is concentrated in the Krasnoyarsk Krai, which provides an opportunity for organization of science-intensive types of production;

• there is a number of large export-oriented enterprises, which products are in steady demand in the world market;

• there are great opportunities for cooperation with the neighboring regions, the CIS and foreign countries, as well as for diversification of foreign trade geography.

The Krasnoyarsk Krai, being the second Russian region according to its territory comprises 2 Autonomous Districts (Taimyr and Evenkiya), 48 districts and 25 towns, which are combined into 10 zones with similar economy and a common area.

The Krasnoyarsk Krai is characterized by a complex territorial structure, where all the districts differ on the quantity of natural resources and level of industrial development.

There are following economic zones of the Krasnoyarsk Krai:

1. Taymyr Autonomous Okrug;

2. Evenk Autonomous Okrug; 3. Norilsk industrial complex;

4. Northern group of regions (Turukhansk district, town of Igarka);

5. Eastern part of Lower Angara River Region (Boguchany and Kezhma districts);

6. Western part of Lower Angara River Region (Kazachinsky, Pirovsky, Motyguino,

7. Yeniseisk, Severo-Yeniseisky districts, towns of Yeniseisk and Lesosibirsk);

8. Achinsk group of regions (Achinsk, Birilussy, Bogotol, Bolshoy Uluy, Kozulka, Nazarovo, Tukhtet, Uzhur, Sharypovo districts, the towns of Achinsk, Bogotol, Nazarovo and Sharypovo);

9. Kansk group of regions (Aban, Dzerzhinsky, Ilansky, Irbeysky, Kansk, Nizhny Ingash, Partizansky, Rybinsky, Sayansky, Taseyevo, Uyar districts, the towns of Kansk, Borodino and Zaozerny);

10. Krasnoyarsk group of regions (Balakhta, Berezovka, Bolshaya Murta, Yemelyanovo, Mansky, Novoselovo, Sukhobuzimsky districts, the city of Krasnoyarsk, the towns of Sosnovoborsk and Divnogorsk);

11. Southern group of regions (Yermakovsky, Idrinsky, Karatuzsky, Krasnoturansk, Kuragino, Minusinsk, Shushensky, the town of Minusinsk).

Source: http://www.krskstate.ru

Task 3. Find the word/expression in the right-hand column that could meaningfully replace one of the words/expressions on the left in English-Russian translation.

Task 4. Give the English translation equivalents of the following Russian words and expressions from the above text.

Task 5. Give the Russian translation equivalents of the following English expressions with the keyword «industry»:

Степень стабильности, благоприятная географическая и геополитическая позиция, сырье, запасы древесины, ежегодная вырубка леса, металлокерамика, транспортный центр, шоссе, внутренние и международные воздушные коридоры, промышленный регион, научный центр, наукоемкие виды производства, пользоваться постоянным спросом, автономный округ, промышленное развитие.

Key industry, growing industry, domestic industry, international industry, local industry, state-run industry, heavy industry, construction industry, entertainment industry, nationalized industry, to develop industry, to stimulate industry, to destroy industry, to regulate industry, to be involved in industry, industry leader, commerce and industry, a sector of industry, trade and industry, the revival of industry.

Task 6. Translate the following mini-texts into Russian, using the words and expressions from the above text and Tasks 2–5 or a dictionary if necessary.

1. The Trans-Siberian railway remains the most important transportation link within Russia; around 30% of Russian exports travel on the line. While it attracts many foreign tourists, it gets most of its use from domestic passengers.

2. The increasing intensity of competition in global markets is a challenge facing companies at all stages of involvement in international markets.

3. Standard of living refers to the level of wealth, comfort, material goods and necessities available to a certain socioeconomic class in a certain geographic area.

4. The evaluation of the Investment Attractiveness Index of Ukraine is conducted by the European Business. The index is based on regular monitoring of the investment climate of Ukraine by the first persons of the EBA member-companies.

5. Competitive advantage occurs when an organization acquires or develops an attribute or combination of attributes that allows it to outperform its competitors. These attributes can include access to natural resources, such as high grade ores or inexpensive power, or access to highly trained and skilled personnel human resources.

6. Despite today's high unemployment rate, skilled workers are in high demand in the construction staffing market.

Task 7. Make an English h5 of the text “The Krasnoyarsk Krai: Economy” (100–120 words), using the keywords and expressions using the results of the previous tasks 3–6.

Task 8. Translate your English h5 into Russian.

Task 9. Compare your Russian h5 with the sample one, which will be given to you by your teacher. Revise your translation, saying which translation variant is better and why.

Task 10. Give a written summary of the text “The Krasnoyarsk Krai: Economy” (300–350 words).

Text 2. Tax Climate in the Region

Task 1. Read and study the following text; refer to the vocabulary list given below.

The tax climate in the region is determined by the set of the acts regulating tax system elements of the Russian Federation:

• kinds of taxes;

• distribution of taxes depending on the budget levels;

• taxation.

According to the Tax Code of the Russian Federation there are federal, regional and local taxes. Federal taxes – the sizes of rates, objects of taxation, tax payers, order of their transfer into the budget and commercial funds are established by the legislative acts of the Russian Federation and are raised in its entire territory. Regional taxes and their rates are established by the acts of the Russian Federation and regional authorities and are raised in the whole territory of the region.

The rates under the local taxes (land tax, property tax) are established by the representative bodies of local self-governing authorities of urban districts, municipal areas and rural settlements. The tax on profit of organizations is established by chapter 25 of the Tax code, and is obligatory to payment in the territory of the Russian Federation. The tax rate under the tax on profit is established at the rate of 24 percent, thus: the sum of the tax estimated at a rate of 6.5 percent is accounted into the federal budget; the sum of the tax estimated at a rate of 17.5 percent is accounted into the budgets of the subjects of the Russian Federation. The tax rate of the tax is the subject to be transferred into the budgets of the subjects of the Russian Federation and can be reduced for the separate categories of tax bearers according to the laws of the Russian Federation subjects. However, the specified tax rate cannot be lower than 13.5 percent.

The tax on property of organizations is established by chapter 30 of the Tax Code and laws of the Russian Federation subjects, and from the moment of introduction in action are obligatory to payment in the territory of the corresponding subject of the Russian Federation.

Establishing the tax, the legislative (representative) bodies of the subjects of the Russian Federation determine the tax rate in limits established by the present chapter, order and terms of tax payments, form of accounting under the tax. With the tax establishment, the laws of the subjects of the Russian Federation can also provide tax privileges and bases for their use by tax bearers.

The transport tax is established by chapter 28 of the Tax Code and laws of the Russian Federation subjects, and it is introduced into action according to the present Code by the laws of the subjects of the Russian Federation on the tax and is obligatory to payment in the territory of the corresponding subject of the Russian Federation.

The tax rates are established by the laws of the subjects of the Russian Federation respectively depending on engine’s capacity, draft of the jet engine or total capacity of a vehicle and its category in account on one horse power of vehicle’s engine capacity, one kg of power of draft of the jet engine, one register ton of vehicle or its unit.

The forms of the government assistance for the participants of the investment activity are established in compliance with the Krasnoyarsk Krai law by 30.09.2004 № 12-2278 “The state support of the investment activity”.

Tax benefits on regional taxes for the subjects of the investment activity are granted to the separate categories of taxpayers which are united by the activity category, sectoral, social or other factors, including projects of creating new manufactures executors which are not realized by this investor in the territory of the Krasnoyarsk Krai.

The state guarantees of the territory are given to the investors for maintenance of execution of their obligations before the third parties. The Board of the Krasnoyarsk Krai administration within the framework of the agreement on the state support of investment activity can take up the obligations (guarantees) to compensate possible damage to investors, caused by default of fulfilling conditions, stipulated by the contract.

The budget credits are given to the investors on returnable and compensated bases. Target character, conditions, order of granting and limits are established by the law of the Krai in the regional budget for the appropriate financial year and the Law of the Krasnoyarsk Krai “On the budget process in the Krasnoyarsk Krai”.

The investment tax credit is such a change of term of tax payment, with which the opportunity during the certain term and in the certain limits is given to legal persons to reduce the tax payments, subject to be transferred into the regional budget, with subsequent gradual payment of the sum of the credit and charged interests. The investment tax credit can be given at the level of regional taxes, and also under tax for organizations’ profit into the regional budget. The investment tax credit under the regional taxes can be given for the term from one year to seven years. The rate of interest for use the investment tax credit under regional taxes is established at a rate from 1/10 up to 1 from the rate of refinancing of the Bank of Russia. The investment tax credit under the regional taxes is given at a rate of not more than 50 percent of expenses on realization of the investment project.

The preferential rent for the use of property is established for legal persons, carrying out investment projects and renting state property of the Krasnoyarsk Krai, for the term of not more than five years, but not more than the term of compensation of the project, at a rate of 50 percent of the established size of a rent payment.

The subsides for compensation of a part of expenses on interest payment for using the credits received by the subjects of investment activity at the Russian credit organizations, and also on rent payment for property, got by the rent contracts for realization of the investment projects, represent partial compensation for the expenditures.

The order of registration of investment projects, estimation of efficiency of a capital investment, selection of the investment projects for compensation of expenses subsidies, expenditures of means of the regional budget are established by the Board of the Krasnoyarsk Krai administration Act dated from 23.03.05 № 91-p “On state support of investment activity”.

Source: http://www.krskstate.ru

Vocabulary list

tax climate – налоговый климат

budget levels – уровни бюджетных ассигнований

taxation – налогообложение

the Tax Code – налоговый кодекс

local taxes – местные налоги

federal taxes – федеральные налоги

tax payers – налогоплательщики

land tax – земельный налог

property tax – налог на собственность

local self-governing authorities – местные органы самоуправления

tax on profit – налог на прибыль

tax rate – ставка налогообложения

tax privileges,

tax benefits – налоговые льготы

tax bearers – налогоплательщики

regional taxes – краевые налоги

state guarantees – государственные гарантии

investment tax credit – налоговая льгота на инвестиции

compensation subsides – дотации на компенсацию

interest payment – выплата процентов

investment projects – инвестиционные проекты

expenditures – расходы, затраты, издержки

capital investment – вложение капитала, инвестиции

Task 2. Identify and underline the keywords and expressions in the above text.

Task 3. Give the English translation equivalents of the following Russian words and expression from the above text.

Типы налогов, распределение налогов, муниципальное образование, субъекты Российской федерации, транспортный налог, лошадиная сила, объем двигателя, реактивный двигатель, государственная поддержка, прибыль организаций, юридическое лицо, налоговая выплата, ставка рефинансирования, аренда государственной собственности, реализация инвестиционного проекта, частичная компенсация расходов.

Task 4. Give the Russian translation equivalents of the following expressions with the keyword “tax”.

Direct tax, indirect tax, progressive tax, redistributive tax, regressive tax, council tax, poll tax, inheritance tax, wealth tax, sales tax, consumption tax, value added tax, capital transfer tax, investment tax, company tax, corporation tax, road tax, carbon tax, energy tax, fuel tax, petrol tax, excise tax, import tax, to introduce a tax, to collect taxes, to levy taxes, to deduct taxes, to increase taxes, to cut taxes, to abolish taxes, to avoid taxes, taxman, tax law, tax measure, tax reform, tax revenue, tax break, tax advantage, tax allowance, tax exemption, tax fraud, tax consultant, tax inspector, tax loophole.

Task 5. Translate the following mini-texts into Russian, using the words and expressions from the above text and Tasks 2–4 or a dictionary if necessary.

1. Taxation in the United Kingdom may involve payments to a minimum of two different levels of government: the central government (Her Majesty's Revenue and Customs) and local government. Central government revenues come primarily from income tax, National Insurance contributions, value added tax, corporation tax and fuel duty. Local government revenues come primarily from grants from central government funds, business rates in England and Wales, Council Tax and increasingly from fees and charges such as those from on-street parking.

2. Every state has a state guarantee for insurance companies. Most of the state’s programs guarantee annuities and the cash value of life insurance. For annuities most are guaranteed up to $300.000 but make sure your state is the same. The guarantee is not against the value dropping if you are invested in a variable annuity. The guarantees are to protect investors in case the insurance company goes out of business.

3. The earlier announced subsidies are intended to help employers fulfill a government mandate to raise the wages of low earners who would otherwise take home less because of recently introduced tax changes. The subsidies support a 5 % increase in the wages of such earners.

4. Capital investment may also refer to a firm's acquisition of capital assets or fixed assets such as manufacturing plants and machinery that is expected to be productive over many years. Sources of capital investment are manifold, and can include equity investors, banks, financial institutions, venture capital and angel investors. While capital investment is usually earmarked for capital or long-life assets, a portion may also be used for working capital purposes.

5. We use a laboratory experiment to investigate how the level of a budget assigned to an employee by a firm owner affects employee effort. Consistent with reciprocity and fairness models, we find a negative relationship between budget levels and employee effort – many employees responded to a low budget with high effort and responded to a high budget with low effort. We observed higher levels of reciprocal behavior (i.e., lower budgets and higher effort) when the same employee-owner dyad interacted for multiple periods relative to dyads only interacting for a single period.

6. Business expenditures can be divided into capital and revenue expenditures. Capital expenditures are expenditures that produce benefits across multiple time periods, such as the costs to acquire and make ready for use long-term assets. In contrast, revenue expenditures are expenditures that produce benefits across one single time period such as the costs to acquire products intended for sale and to run the operations to sell those same products. Revenue expenditures are more often called expenses.

7. Interest payment represents a payment amount determined by the interest rate on an account. As a borrower, an interest payment represents the rate charged for being lent funds. As an investor, interest payments represent income on earned cash accounts or fixed and variable rate securities.

8. On results of the first half-year 18 banks have entered into the list of 1000 largest tax bearers of the country. It paid 3.84 billion drams into the state budget. According to State tax service RA, Unibank also has entered into the list of the largest tax bearers of the country. The Bank has taken 151st place. In general, Unibank paid 140.6 million drams in the state budget.

Task 6. Determine the key information in each paragraph of the text “Tax Climate in the Region” and the corresponding key concepts and English words and expressions; write them down in the language of the original text.

Task 7. Make an English h5 of the text “Tax Climate in the Region” (100–120 words), using the results of the previous Tasks 2–6.

Task 8. Translate the section of the text “Tax Climate in the Region” enh2d “The investment tax credit” into Russian, using a dictionary if necessary.

Task 9. “Back-translate” your Russian translation into English. Compare your translation with the original text. Discuss both English variants of the section

“The investment tax credit”, paying particular attention to the key concepts and corresponding words and expressions.

Task 10. Give a gist intralingual translation (English into English) of the original text. Your translation should not exceed 1/3 of the original text size.

Task 11. Recast the gist translation of the text in different words, adapting it for high school students.

Text 3. Industrial and Economic Potential of the Krasnoyarsk Krai

Task 1. Read and study the following text.

By January 01, 2008 about 67.1 thousand economic entities operating in the Krasnoyarsk Krai were included into the State united list of the enterprises, organizations, their branches and other detached divisions. In 2008 the number of enterprises has increased by 1985 (by 3.1 %) in comparison with 2007.

Distribution of economic entities according to the types of property (by January 1. 2008), %

Small business development is one of the fundamental conditions of the market economy functioning. 15 879 small enterprises operated by October 1, 2007 in the Krasnoyarsk Krai with the total employees number of 124.1 thousand. The turnover of small businesses on all kinds of economic activities increased by 24.7 % and made up 155.2 billion rubles in comparison with 2006. The basic share of the small enterprises is concentrated in trade (48.7 %), construction (13 %), real estate (13 %) and processing industries (10.8 %).

In 2007 about 4 508.6 million rubles were invested into development of small business (the rate of growth is 130.5 % in comparison with 2006). The basic share of investments into small enterprises was directed into construction (67.5 %), real estate (22.2 %) and trade (6.5 %).

In 2007 small business entities with the support from the budget of the Krai realized 77 investment projects. 18 of them were chosen in 2007. The volume of debt capital investments in the 18 projects constitutes 2 180 ml. rubles, and due to realization of these projects 250 new work places were created in 2007. The Krasnoyarsk Krai is one of the most industrially developed regions of Russia. It has 3.2 % of the total amount of industrial goods produced in Russia. In 2007 the Krasnoyarsk Krai took the 1st place among the Siberian Federal District regions in All-Russian production sharing and shipped goods with its own production, accomplished work and services per capita.

Processing industries have the largest share – 86.1 %, with a predominant share of metallurgy and metal finished goods – 71.8 % among the types of economic activities of the Krasnoyarsk Krai.

Among the regions of the Siberian Federal District the Krasnoyarsk Krai has the leading position in amount of processing industries goods per capita.

Structure of the regional economy according to the types of economic activities

The economic activity of the Krasnoyarsk Krai specializes in:

• capital-intensive and energy-intensive production based on natural resources utilization;

• intermediate products manufacturing intended for export to other regions of Russia and abroad;

• export to the CIS and other foreign countries.

The tendency of economic development in the Krasnoyarsk Krai:

• specialization in export-oriented industries;

• certain increase in the share of extractive and processing industries due to realization of large investment projects in the spheres of extraction, fuel and energy resources, transport infrastructure, realization of complex development program of the Lower Angara River, including construction of the Boguchany hydro-electric power station;

• volume stabilization of the raw materials output;

• increase in ferrous and non-ferrous metallurgy production;

• intensive development of the services market related to culture, sports and tourism.

Competitive advantages of the region are determined by the economy specialization:

• large opportunities for wide cooperation with other regions and foreign countries; expansion of goods deliveries geography;

• wide opportunities for production diversification;

• opportunities for vertical integration of production on the basis of domestic raw mineral resources extraction and deep processing;

• innovation potential for development of new science-intensive, high-tech production with prompt return;

• keeping stable long-term demand to the main products on the world markets;

• developed system of financial-credit establishments;

• developed transport and communication structure.

Weak positions of the Krai:

• high dependence of the region on the world metal market prices;

• small production share of deep processing of timber and agricultural production;

• polluting manufactures;

• high degree of the capital assets depreciation.

Since 1998 the volume of the gross regional product (GRP) has increased:

• The Krasnoyarsk Krai is one of the ten donor regions which form more than 50 % of Russia’s Gross Domestic Product and federal budget.

• According to the latest statistic data, the Krasnoyarsk Krai ranks sixth among the 84 subjects of the Russian Federation in the gross regional product (GRP) volume. Region's share is more than 20 % of Siberia’s GRP and about 2.7 % of Russia’s GDP. GRP of the Krasnoyarsk Krai in 2007 was estimated in 721.2 billion rubles (+105.5 % in comparison with 2006). Industry (processing and obtaining) makes 60.4 % of GRP volume, transport and communication – 8.1 %, trade and services – 6.7 %, construction – 6.1 %, agriculture – 4.9 %.

For the economy of the Krasnoyarsk Krai 2007 was the year of moderate economic growth. The tendencies of growth of GRP, volumes of industrial out-put, employment of the population and real incomes of the population, observed during the last seven years in the Krai, continued.

In 2007 the volume of the shipped goods of own production, executed works and services according to the types of economic activities, extraction of the minerals, processing industries, production and distribution of the electric power, gas and water constituted 538.1 billion rubles. In comparison with 2006 it reached 104.4 %. In 2007 the rating of the Krai among the Russian Federation’s subjects, arranged according to physical volume index, improved. The Krai moved from the 68th (in 2006) to the 57th place (in 2007).

There are 6 large monopolistic producers in the Krasnoyarsk Krai:

• Polar division of JSC “MMC Norilsk Nickel”;

• JSC “RUSAL – Krasnoyarsk Aluminium Smelter”;

• JSC “The Gulidov Krasnoyarsk Non-ferrous Metals Plant”;

• CJSC “Polyus”Gold Mining Company;

• JSC “RUSAL – Achinsk”;

• OJSC “The Yenisei Territorial Generate Company (TGC-13)’’.

Source: http://www.krskstate.ru

Task 2. Find the word/expression in the right-hand column that could meaningfully replace one of the words/expressions on the left in English-Russian translation.

Task 3. Give the English translation equivalent of the following Russian words and expressions from the above text.

Деловая активность, развитие малого бизнеса, уровень роста, создать рабочие места, промышленно развитый регион, на душу населения, использование природных ресурсов, крупный инвестиционный проект, транспортная инфраструктура, гидроэлектростанция, рынок услуг, конкурентные преимущества, глубокая обработка, постоянный спрос, вертикальная интеграция, умеренный экономический рост, реальные денежные доходы населения, монополистические производители.

Task 4. Give the Russian translation equivalents of the following expressions with the keyword “production”.

Large-scale production, efficient production, annual production, domestic production, food production, livestock production, industrial production, to be in production, to go out of production, to increase production, to stop production, production line, production methods, production processes, production system, production director, production manager, production team, production costs, production capacity, successful production, amateur production, professional production.

Task 5. Translate the following mini-texts into Russian, using words and expressions from the above text and Tasks 2-4 or a dictionary if necessary.

1. Small businesses are common in many countries, depending on the economic system in operation. Typical examples include: convenience stores, other small shops (such as a bakery or delicatessen), hairdressers, tradesmen, lawyers, accountants, restaurants, guest houses, photographers, small-scale manufacturing, and online business, such as web design and programming, etc.

2. From what I know, a business that converts raw material into finished goods is a manufacturing business. There are many examples of manufacturing such as textile manufacturing, furniture manufacturers, and even food processors.

3. The best way to understand a country's economy is by looking at its Gross Domestic Product (GDP). This economic indicator measures the country's total output. This includes everything produced by all the people and all the companies in the country. To get everything produced by a country's citizens, no matter where they are in the world, you should look at Gross National Product (GNP), also called Gross National Income (GNI).

4. Turnover is the name for a measure of how quickly inventory is sold (inventory turnover). A high turnover means that goods are sold quickly, while a low turnover means that goods are sold more slowly. Asset turnover is a financial ratio that measures the efficiency of a company's use of its assets in generating sales revenue or sales income to the company. Turnover (employment), relative rate at which an employer gains and loses staff, especially in North American usage. Customer turnover, the rate at which a business loses customers, sometimes called the churn.

5. Market economies work on the assumption that market forces, such as supply and demand, are the best determinants of what is right for a nation’s well-being. These economies rarely engage in government interventions such as price fixing, license quotas and industry subsidizations. While most developed nations today could be classified as having mixed economies, they are often said to have market economies because they allow market forces to drive most of their activities, typically engaging in government intervention only to the extent that it is needed to provide stability.

6. In accounting, an economic entity is one of the assumptions made in generally accepted accounting principles. Basically, any organization or unit in society can be an economic entity. Examples of economic entities are hospitals, companies, municipalities, and federal agencies.

7. Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; (also) an item of real property; (more generally) buildings or housing in general. Also: the business of real estate; the profession of buying, selling, or renting land, buildings or housing.

Task 6. Determine the key information in each paragraph of the text “Industrial and Economic Potential of the Krasnoyarsk Krai” and the corresponding key concepts, words and expressions; write them down in the language of the original text.

Task 7. Find the Russian equivalents of the written down English words and expressions from the text “Industrial and Economic Potential of the Krasnoyarsk Krai” (Task 6).

Task 8. Translate the first seven paragraphs of the text “Industrial and Economic Potential of the Krasnoyarsk Krai” into Russian, using the words and expressions from Tasks 6–7 and a dictionary if necessary.

Task 9. Summarize in English the main ideas of the text