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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 “Industrial and Economic Potential of the Krasnoyarsk Krai”; give a 300–350 word written summary.

Task 1. Read and study the following text, referring to the vocabulary list given below.

There are following legislative acts that regulate investment activity in the Krasnoyarsk Krai:

• Constitution of the Russian Federation;

• Civil Code of the Russian Federation;

• Investment Activity Act;

• Investment Activity in the Form of Capital Investments Act;

• Russian Federation Federal Act on Foreign Investments;

• Leasing Act;

• The law of the Krasnoyarsk Krai “On state support of investment activity in the Krasnoyarsk Krai”.

The law “On state support of investment activity in the Krasnoyarsk Krai” is aimed at the development of investment activity in the region, creation of the most favorable conditions for the investors and establishes additional guarantees of investment activity which are carried out in the form of capital investments in the Krasnoyarsk Krai.

General principles of state support of investment activity in the Krasnoyarsk Krai are:

1. Objectivity and economic validity of the decisions made.

2. Transparency and availability of information necessary for realization of investment projects for investors.

3. Purpose-oriented character of regional budget distribution.

4. Efficiency and economy of the regional budget use.

5. Diversification of risks between investors connected with realization of the investment projects.

6. Equality of investors and unification of public procedures.

7. Mutual responsibility of territorial state government bodies and investors.

8. Equation of state interests and interests of the investors.

The basic form of investment activity state support is the regime of creating the most favorable conditions for stimulation of investment activity, which is carried out by granting to the investors:

1. Tax benefits.

2. State guarantees of the Krai.

3. Budget investments into the authorized capital of legal persons.

4. Budget credits.

5. Investment tax credits.

6. Privileges on immovable property rent.

7. Subsidies for compensation of a part of expenses on payment credit interests at Russian crediting organizations for realization of the investment projects or leasing payments paid to the Russian leasing companies for the property got under the leasing contracts for investment project realization.

8. Other financial and non-financial forms of support, including rendering information and consulting assistance to the investors within the limits of power given to the territorial state authorities by the current legislation.

Activity of investors at mineral raw-materials complex is regulated by Earth bowels Federal Legislative Act and Federal Legislative Act: Concession Agreement Act. Nowadays the entrepreneurial mechanism, based on tax schemes, which has much in common with product sharing agreements is the most expedient at mineral resources processing. That would let to achieve a long-term compromise between the State and an investor.

The product sharing agreement is a development contract for mineral resources searching, prospecting and extraction for a fixed period.