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.
economics
The academic field that deals with macroeconomic relationships; also used as a short form for 'Volkswirtschaftslehre' (economics).
Im Studium der Volkswirtschaft analysiert man Inflation und Arbeitslosigkeit.
When studying economics, you analyze inflation and unemployment.
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.
