economic system
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economic system
The way in which the economy of a country or society is organized. It includes the rules and institutions for the production, distribution, and consumption of goods and services.
Die soziale Marktwirtschaft ist das Wirtschaftssystem der Bundesrepublik Deutschland.
The social market economy is the economic system of the Federal Republic of Germany.
This long noun is made up of three parts: 'Wirtschaft' (economy), the linking -s, and 'System' (system). The '-s-' is a typical linking element in German compounds and has no meaning of its own.
Jedes Land hat sein eigenes Wirtschaftssystem.
Every country has its own economic system.
The word element 'Wirtschafts-' is very productive and forms the beginning of many terms from the field of economics. When you see 'Wirtschafts-', you know that the topic is the economy, e.g. in 'Wirtschaftskrise' (economic crisis) or 'Wirtschaftswachstum' (economic growth).
Die Regierung diskutiert über das zukünftige Wirtschaftswachstum.
The government is discussing future economic growth.
'Wirtschaftssystem' (economic system) is a technical term from politics and economics. You will mainly find it in the news, specialist articles, and classes.
Im Studium haben wir verschiedene Wirtschaftssysteme verglichen.
At university, we compared different economic systems.
The word is often combined with adjectives that describe the type of system. Typical examples are 'kapitalistisches' (capitalist), 'sozialistisches' (socialist), or 'marktwirtschaftliches' (market-based) Wirtschaftssystem.
In einem kapitalistischen Wirtschaftssystem spielt der Markt eine zentrale Rolle.
In a capitalist economic system, the market plays a central role.
economy / economics
'die Ökonomie' and 'das Wirtschaftssystem' can both refer to the economy of a country or region. 'Ökonomie' describes the economy more as a whole: what is produced, distributed, and bought. 'Wirtschaftssystem' places more emphasis on the underlying organization and rules: who decides how things are produced, what role the state has, and how markets function. When speaking generally about the economic situation, 'Ökonomie' fits. When explaining the structure or organization of the economy, 'Wirtschaftssystem' is more precise.
Im Unterricht vergleichen wir das Wirtschaftssystem Deutschlands mit dem eines anderen Landes.
In class, we are comparing Germany's economic system with that of another country.
Die Ökonomie des Landes hat sich nach der Krise langsam erholt.
The country's economy slowly recovered after the crisis.