economic

adjective

1 the government's commitment to economic reform:

financial, monetary, pecuniary, budgetary, fiscal, commercial, trade, mercantile.

2 many organizations must become larger if they are to remain economic:

profitable, profit-making, moneymaking, money-spinning, lucrative, remunerative, financially rewarding, fruitful, gainful, productive;

solvent, viable, cost-effective, successful, commercial, commercially successful.

▷antonyms unprofitable.

3 rugs or matting are a practical and economic alternative to fitted carpets:

cost-effective, effective, efficient, energy-efficient, fuel-efficient, energy-saving, fuel-saving, worthwhile, valuable, advantageous, cheap, inexpensive, low-cost, low-price, low-budget, budget, economy, reasonable, reasonably priced, cut-price.

▷antonyms extravagant.

easily confused words

economic or economical?

These two words are related to different senses of economy and hence have different meanings. Economic means ‘relating to a country's wealth and resources’ (the government's economic policy), ‘justifiable in terms of profitability’ (if prices remained high, it could become economic to develop cobalt deposits in other parts of the world), or ‘requiring fewer resources’ (this type of construction provided an economic solution to the problem). Economical, on the other hand, relates to economy in the sense ‘careful managing of resources’ and means ‘costing little to run’ (a safe and economical heating system) or ‘taking care not to be extravagant’ (he was economical in all areas of life).

economic Oxford Dictionary of English