economic condition vs status

economic condition and status both are nouns.

Word	Noun	Adjective	Verb	Adverb
economic condition	Yes	No	No	No
status	Yes	No	No	No

As nouns, status is a hypernym of economic condition; that is, status is a word with a broader meaning than economic condition:

Other hypernyms of economic condition include condition.

economic condition (noun)	status (noun)
the condition of the economy	the relative position or standing of things or especially persons in a society
	a state at a particular time