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A lot of people are confused by these two adjectives and use them incorrectly. In colloquial English, the distinction between "economic" and "economical" is often blurred, but it is always useful to know the correct meanings.
• ECONOMIC - related to economics or the economy.
• ECONOMICAL - money-saving, cost-effective, careful or clever in managing finances.
"Economic" is all about how money works, while something economical is a good deal.
Here are two cartoons to illustrate the use of these two adjectives: