Economic vs. Economical — What's the Difference?
By Tayyaba Rehman — Updated on November 3, 2023
Economic pertains to the economy or economics. Economical means giving good value or service in relation to the amount of money, time, or effort spent.
Difference Between Economic and Economical
Table of Contents
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Key Differences
Economic refers to matters of the economy, the system by which money, industry, and trade are organized. Economical is an adjective that describes something as being efficient with money or resources, like an affordable car that uses less fuel.
Economic theories inform policymakers on how to manage resources for growth, while economical behaviors are practiced by individuals or companies seeking to minimize costs. Economic impacts are measured on a large scale; economical impacts are assessed based on individual or specific efficiency.
An economic crisis affects countries' financial stability, often leading to reforms. An economical choice, such as buying a fuel-efficient car, affects personal finances, leading to savings. Economic indicators, such as GDP, gauge a nation’s economic health; economical indicators might involve personal budgeting success.
In economic terms, investments are made for macroeconomic benefits. In economical terms, investments are chosen for their cost-saving potential. Economic analysis might influence a country’s trade policies; economical analysis might influence a family’s decision to grow a vegetable garden.
Comparison Chart
Definition
Relating to the economy or the science of economics.
Being careful about spending money or using resources.
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Scope
Macro (national, global economies)
Micro (individual, organizational thriftiness)
Focus
Systems, structures, policies
Individual choices, cost-efficiency
Usage in a Sentence
Describes broader economic conditions or theories.
Describes cost-effective measures or practices.
Examples
Economic growth, economic theories
Economical car, economical use of space
Compare with Definitions
Economic
Financially impactful.
The new policy had significant economic consequences.
Economical
Providing good value or service relative to the cost.
The economical printer saves on ink costs.
Economic
Pertaining to the economy.
The economic forecast predicts a period of growth.
Economical
Avoiding waste.
He was economical with his words during the debate.
Economic
Influencing or influenced by the market economy.
Economic indicators suggest a rise in consumer confidence.
Economical
Using no more of something than is necessary.
Her economical use of ingredients saved us money.
Economic
Relating to economics or the economy
The government's economic policy
Economical
Involving minimal financial outlay.
They found an economical solution to fix the leak.
Economic
Justified in terms of profitability
Many organizations must become larger if they are to remain economic
Economical
Giving good value or return in relation to the money, time, or effort expended
A small, economical car
Economic
Of or relating to the production, development, and management of material wealth, as of a country, household, or business enterprise.
Economical
Designed or functioning to make effective use of money or effort invested
An economical heating system.
An economical approach to control of corporate growth.
Economic
Of or relating to an economy
A period of sustained economic growth.
Economical
Prudent and thrifty in management; not wasteful or extravagant.
Economic
Of or relating to the science of economics
New economic theories regarding the effects of deficit spending.
Economical
Sparing in the amount of items involved to achieve a desired result
An economical writing style.
Threw an economical 12 pitches in the first inning.
Economic
Of or relating to the practical necessities of life; material
Wrote the book primarily for economic reasons.
Economical
Careful with money so as not to spend too much; prudent; thrifty.
He was an economical person by nature.
Economic
Financially rewarding; economical
It was no longer economic to keep the manufacturing facilities open.
Economical
Saving money or resources.
The new, eco-friendly bicycle was an economical purchase.
Economic
Efficient; economical
An economic use of home heating oil.
Economical
(dated) Relating to economy in any other sense.
Economic
Pertaining to an economy.
Economical
Using the minimum of time or resources necessary for effectiveness;
An economic use of home heating oil
A modern economical heating system
An economical use of her time
Economic
Frugal; cheap (in the sense of representing good value); economical.
Economical
Of or relating to an economy, the system of production and management of material wealth;
Economic growth
Aspects of social, political, and economical life
Economic
Pertaining to the study of money and its movement.
Economical
Avoiding waste;
An economical meal
An economical shopper
A frugal farmer
A frugal lunch
A sparing father and a spending son
Sparing in their use of heat and light
Stinting in bestowing gifts
Thrifty because they remember the great Depression
`scotch' is used only informally
Economic
(obsolete) Pertaining to the management of a household
Economical
Cost-effective or thrifty.
Driving at a steady pace is more economical.
Economic
Pertaining to the household; domestic.
Economic
Relating to domestic economy, or to the management of household affairs.
And doth employ her economic artAnd busy care, her household to preserve.
Economic
Managing with frugality; guarding against waste or unnecessary expense; careful and frugal in management and in expenditure; - said of character or habits.
Just rich enough, with economic care,To save a pittance.
Economic
Managed with frugality; not marked with waste or extravagance; using the minimum of time or effort or resources required for effectiveness; frugal; - said of acts; saving; as, an economical use of money or of time; an economic use of home heating oil.
Economic
Of or pertaining to the national or regional economy; relating to political economy; relating to the means of living, or the resources and wealth of a country; relating to the production or consumption of goods and services of a nation or region; as, economic growth; economic purposes; economical truths; an economic downturn.
These matters economical and political.
There was no economical distress in England to prompt the enterprises of colonization.
Economic questions, such as money, usury, taxes, lands, and the employment of the people.
Economic
Regulative; relating to the adaptation of means to an end.
Economic
Of or pertaining to economics.
Economic
Profitable. Opposite of uneconomic.
Economic
Avoiding waste; as, an economical meal. Opposite of wasteful.
Economic
Of or relating to an economy, the system of production and management of material wealth;
Economic growth
Aspects of social, political, and economical life
Economic
Of or relating to the science of economics;
Economic theory
Economic
Concerned with worldly necessities of life (especially money);
He wrote the book primarily for economic reasons
Gave up the large house for economic reasons
In economic terms they are very privileged
Economic
Financially rewarding;
It was no longer economic to keep the factory open
Have to keep prices high enough to make it economic to continue the service
Economic
Using the minimum of time or resources necessary for effectiveness;
An economic use of home heating oil
A modern economical heating system
An economical use of her time
Economic
Related to the science of economics.
His approach to the subject was very economic in nature.
Economic
Efficient in terms of scale or systems.
They discussed the economic benefits of renewable energy.
Common Curiosities
Does economic only relate to money?
No, economic can relate to all aspects of an economy, not just monetary factors.
Is "economic" ever used to describe personal finance?
It's less common, as "economic" typically refers to larger scale financial matters.
Can a person be described as economical?
Yes, if they are careful with how they manage their money or resources.
Can economical be used in environmental discussions?
Yes, when discussing efficient use of resources to reduce waste.
Can a company's strategy be economic?
Yes, if it pertains to the company's impact on the wider economy.
Can "economical" refer to time management?
Yes, if it means using time efficiently and avoiding waste.
Is "economic" related to economic policy?
Yes, economic policies are strategies developed by governments or institutions.
Does "economic" have a qualitative aspect?
It can, particularly when discussing the quality of economic growth or stability.
How do economic conditions affect individuals?
They can influence employment, income levels, and purchasing power.
Are economic decisions always economical?
Not necessarily; economic decisions may prioritize growth over thriftiness.
Does economical always mean cheaper?
Economical means more efficient and less wasteful, which often but not always means cheaper.
Can an economic model be economical?
An economic model is theoretical, while being economical is practical.
Is making a budget an economical activity?
Yes, as it involves planning to use resources efficiently and avoid waste.
Is "economical" synonymous with "inexpensive"?
Not exactly; "economical" implies value over time, not just low cost.
Are economic theories applicable to personal finance?
They can be, but are more often applied to broader economic analysis.
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Written by
Tayyaba RehmanTayyaba Rehman is a distinguished writer, currently serving as a primary contributor to askdifference.com. As a researcher in semantics and etymology, Tayyaba's passion for the complexity of languages and their distinctions has found a perfect home on the platform. Tayyaba delves into the intricacies of language, distinguishing between commonly confused words and phrases, thereby providing clarity for readers worldwide.
