economic area
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economic area
A geographic area that forms a unit through shared economic characteristics, close trade relations, or a common currency.
Der Europäische Wirtschaftsraum ermöglicht den freien Verkehr von Waren, Dienstleistungen, Kapital und Personen.
The European Economic Area enables the free movement of goods, services, capital, and people.
The word is made up of 'Wirtschaft' (economy) and 'Raum' (space/area). The 's' in between is a linking element that connects the two words. So it literally means a 'space of the economy'.
Die Länder gründeten einen gemeinsamen Wirtschaftsraum, um den Handel zu erleichtern.
The countries founded a common economic area to facilitate trade.
Common adjectives are 'gemeinsam' (common/shared), 'einheitlich' (uniform), or 'europäisch' (European). Typical verbs are 'einen Wirtschaftsraum schaffen' (to create an economic area) or 'einem Wirtschaftsraum beitreten' (to join an economic area).
Die Schweiz ist nicht Teil des Europäischen Wirtschaftsraums.
Switzerland is not part of the European Economic Area.
This word belongs to the specialized language of economics and politics. It is often found in the news, specialist texts, and official documents.
Die Globalisierung führt zur Entstehung neuer Wirtschaftsräume.
Globalization is leading to the emergence of new economic areas.
domestic market / single market
'der Binnenmarkt' and 'der Wirtschaftsraum' can both describe an area in which the economy and trade are closely connected. 'Wirtschaftsraum' is the more general term. It can refer to any area that forms an economic unit, for example through trade, shared rules, or a common currency. 'Binnenmarkt' is more specific: there, goods, services, capital, and people are meant to circulate as freely as possible, often without customs duties or other barriers. The words can be confused because a single market is also an economic area. But not every economic area is automatically a single market.
Die Stadt und ihre Nachbarorte bilden einen wichtigen Wirtschaftsraum.
The city and its neighboring towns form an important economic area.
Im europäischen Binnenmarkt können viele Waren ohne Zoll verkauft werden.
In the European Single Market, many goods can be sold without customs duties.