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.
business location
Wirtschaftsraum views a region as a connected area with shared economic characteristics or close trade relations. Wirtschaftsstandort, by contrast, evaluates the conditions the region offers companies. Wirtschaftsraum is the better choice for economic connections; Wirtschaftsstandort is used for infrastructure, workforce, or taxes.
Durch ihre engen Handelsbeziehungen bilden die Nachbarregionen einen gemeinsamen Wirtschaftsraum.
Because of their close trade relations, the neighboring regions form a shared economic area.
Durch gute Verkehrswege und viele Fachkräfte ist die Region ein attraktiver Wirtschaftsstandort.
With good transport links and a large skilled workforce, the region is an attractive business location.
