national economy / economics
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national economy
The totality of all economic activities and relationships within a country or region; the national economy.
Die deutsche Volkswirtschaft ist stark exportorientiert.
The German national economy is strongly export-oriented.
The word is made up of 'Volk' (nation, the people of a state as a whole) and 'Wirtschaft' (economy). The linking 's' connects the two parts. Literally, then, it is the 'economy of the people' or the national economy.
Die Volkswirtschaft eines Landes umfasst alle Unternehmen, Haushalte und den Staat.
A country's national economy includes all businesses, households, and the state.
To distinguish the two meanings, pay attention to the verbs and adjectives. If people talk about 'Studium der Volkswirtschaft' (studying economics) or about 'Volkswirtschaft studieren' (studying economics), the academic subject is meant. Adjectives like 'stark' (strong), 'schwach' (weak), or 'wachsend' (growing) refer to the national economy.
Die japanische Volkswirtschaft hat mit einer alternden Bevölkerung zu kämpfen.
The Japanese national economy is struggling with an aging population.
When the academic subject is meant, the abbreviation 'VWL' for 'Volkswirtschaftslehre' (economics) is often used. This abbreviation is very common in academic and professional contexts.
Für mein BWL-Studium muss ich auch eine Prüfung in VWL ablegen.
For my business administration degree, I also have to take an exam in economics.
economy / pub
'die Wirtschaft' and 'die Volkswirtschaft' can both mean economic life in a country or region. 'Die Wirtschaft' is more general and very common. It can refer to companies, work, trade, and consumption, but the word also has other meanings. 'Die Volkswirtschaft' is more precise when you are looking at the entire economy of a country or region as one large system. The word sounds more technical and fits well in the context of statistics, university studies, or political analysis. Learners may confuse the words because both talk about a country and its economic situation. Remember: 'Wirtschaft' is broader and more everyday, while 'Volkswirtschaft' is more precise for the overall system of a country.
Mein Kollege hat die Volkswirtschaft des Landes in einer Präsentation erklärt.
My colleague explained the country's national economy in a presentation.
Viele Firmen hoffen, dass sich die Wirtschaft im nächsten Jahr verbessert.
Many companies hope that the economy will improve next year.