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Political means about or concerned with politics:

Ex. Can you think of a political solution to this problem, as opposed to an economic one?

Politic means tactful, in a formal context:

Ex. Can you think of a politic way of telling the Chairman the workforce think he's being stupid about this.

There is one use of politic I can think of where it has the sense of political; when it's used in the expression the body politic, meaning the political establishment.