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hospodáství

The standard Czech term is hospodářství; if the form hospodáství appears, it is typically a misspelling. Hospodářství has two related meanings. In everyday language it refers to the management of resources within a household or estate, including budgeting, food production, and consumption, as well as the organization of labor and property. In a broader sense, hospodářství denotes the national economy—the system by which a country produces, distributes, and consumes goods and services.

At the micro level, a household's hospodářství involves income, expenses, savings, and debt, as well as the

Terminology: the term is closely related to ekonomie, but in Czech usage hospodářství emphasizes the system

Historical note: the concept originated in the management of estates and households and expanded with industrialization

allocation
of
time
and
energy
to
work,
childcare,
and
domestic
tasks.
At
the
macro
level,
hospodářství
describes
the
aggregate
economic
activity
across
sectors
such
as
agriculture,
industry,
and
services,
and
the
institutions
and
policies
that
influence
production,
trade,
and
growth.
National
hospodářství
is
analyzed
with
macroeconomic
indicators
such
as
gross
domestic
product
(HDP),
employment,
inflation,
and
the
balance
of
payments,
and
with
policy
tools
in
fiscal
and
monetary
policy.
of
production
and
distribution
as
a
whole.
The
related
adjective
hospodářský
means
economic
or
fiscal,
and
phrases
such
as
rodinné
hospodářství
(family
household)
and
národní
hospodářství
(national
economy)
are
common.
to
cover
broader
economic
activity
and
policy.