The adjectives economic and economical are further examples of pairs of words with similar but distinct meanings, which need to be used with care in academic writing.
Economic relates to the economy:
The government attempted to promote economic growth
Economical means to reduce expenditure:
Cooking for yourself is more economical than eating in a restaurant
Note also that the noun economy means saving money, energy etc, while the economy refers to the national (or local) system of business:
Buying cheap products can be a false economy
The Spanish economy is in recession
Also, an economist is a person who studies economics (the academic subject).
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