Economic means in relation to the economy, or the science of economics; how money flows etc. Economic situation of certain countries makes it difficult to find a job there. Economical means not wasteful. We use it to describe something that is not using unnecessary money, time, resources. Buying a used car is economical. Using public transport instead of taxi is economical. Washing clothes every day is not economical.

People before me provided great answers to you. As an additional piece of knowledge for you, I can tell you that the adverb "economically" is used for both economic and economical adjectives (keeping the difference in meaning of course).

Economic is all about how money works, but something economical is a good deal. You might take an economic studiesclass to understand the ebb and flow of cash in the world, but if you buy a used textbook for it, you're being economical. If you want an adjective related to the economy, economic is your word.