abgesetzt
removed from office
Removed from an office, a position of power, or an official function, often against one's will.
Der abgesetzte König musste ins Exil gehen.
The removed king had to go into exile.

removed / discontinued / offset
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removed from office
Removed from an office, a position of power, or an official function, often against one's will.
Der abgesetzte König musste ins Exil gehen.
The removed king had to go into exile.

'Abgesetzt' (removed/discontinued/offset) is the past participle of the separable verb 'absetzen' (to set down; to remove; to discontinue; to deduct). It is used as an adjective to describe a state that resulted from the action of the verb.
Die abgesetzte Ware wurde reduziert verkauft.
The discontinued goods were sold at a discount.
When it is about removal from an office, you will always find 'abgesetzt' (removed from office) in a political or business context. Pay attention to words like 'König' (king), 'Präsident' (president), 'Minister' (minister), or 'Geschäftsführer' (managing director/CEO).
Der abgesetzte Firmenchef hat das Unternehmen sofort verlassen.
The removed company CEO left the company immediately.
In the meaning 'nicht mehr produziert' (no longer produced), 'abgesetzt' (discontinued) refers to products, media, or medications. The context is often business or the entertainment industry.
Das Medikament wurde vom Markt genommen und wird nicht mehr verkauft.
The medication was taken off the market and is no longer sold.
You can almost always recognize this meaning from the fixed expression 'von der Steuer absetzen' (to deduct from taxes) or 'von der Steuer abgesetzt werden' (to be deducted from taxes). The word 'Steuer' (tax) is the key clue here.
Reisekosten für die Arbeit können von der Steuer abgesetzt werden.
Travel expenses for work can be deducted from taxes.
When it is about spatial separation, 'abgesetzt' (set apart) is often used in architecture or in descriptions of objects. It frequently appears together with the preposition 'von' (from).
Der Balkon ist optisch vom Rest des Gebäudes abgesetzt.
The balcony is visually set apart from the rest of the building.
to dismiss / discharge
'entlassen' and 'abgesetzt' can both mean that someone loses an important role. The difference lies in the context. 'entlassen' is used mainly for a job: a company ends someone's employment. 'abgesetzt' is used more for an office, a position of power, or an official function, for example with a boss, minister, or coach. Learners may confuse the words because in both cases someone is not allowed to continue. As a guide: in normal employment situations, 'entlassen' sounds more natural; for official positions or power, 'abgesetzt' is more precise.

Nach dem schlechten Ergebnis ist der Trainer abgesetzt worden.
After the poor result, the coach was removed from his position.
Der Mitarbeiter wurde entlassen, nachdem er mehrmals unentschuldigt gefehlt hatte.
The employee was fired after being absent without excuse several times.