What this suffix does
The suffix -ic creates adjectives describing something as "relating to" or "characteristic of" a subject or concept. From "economy" you get "economic"; from "history" you get "historic"; from "drama" you get "dramatic".
It is very common in academic and scientific vocabulary. Seeing -ic at the end of an adjective immediately tells you the word describes something in relation to the root in front of it.
-ic = -ico: another identical suffix
Another easy win: -ic in English corresponds to -ico in Spanish in the vast majority of cases.
economic = económico
historic = histórico
dramatic = dramático
atomic = atómico
electric = eléctrico
If Spanish uses a -ico adjective, the English version ends in -ic. Just drop the final -o: económico → economic.
historic vs historical: an important pair
There is a subtle distinction between -ic and -ical worth knowing.
historic = having historical importance, memorable: a historic moment.
historical = relating to history in general: a historical novel.
The same applies to economic/economical. In most adjectives there is no difference, but in these pairs the nuance matters.