ICSE Class 10 Economic Applications Revised Syllabus for 2023

ECONOMIC APPLICATIONS (87)

Candidates offering Economics (Group II) are not eligible to offer Economic Applications (Group III).
CLASS X
There will be one written paper of two hours duration of 100 marks and Internal Assessment of 100 marks.
THEORY – 100 Marks cultivation, dwelling units, mining, urbanization,
construction of dams, etc.
1. Demand and Supply: Basic Concepts
Labour- meaning and characteristics. Division of
Demand - Meaning and Types of Demand labour - meaning, types-Simple & Complex,
Supply - Meaning Horizontal & Vertical, advantages and
Law of demand and supply: demand and supply disadvantages. Efficiency of labour - meaning,
schedule and curve (both individual and market); reasons for low efficiency of Indian labour.
movement and shift of the demand and supply Capital - meaning, types - Fixed and Circulating;
curve; determinants of demand and supply; Sunk and floating; Real, Money and Debt; and
exceptions to the law of demand. characteristics. Capital formation - meaning,
Meaning of Demand and Supply. Types of factors affecting capital formation.
Demand (Joint Demand, Derived Demand and Entrepreneur - meaning, functions and role of
Composite Demand). entrepreneurs in economic development.
A basic understanding of the law of demand and 3. Alternative Market Structures: Basic Concepts
supply in which demand and supply schedules are
to be used to explain the demand and supply Nature and structure of markets- Perfectly
curves. The individual demand and supply curves competitive market, Monopoly market,
must be distinguished from market demand and monopolistically competitive market, concept of
supply curves. Determinants of demand and product differentiation, Monopsony market.
supply are to be specified. Exceptions to the law of
demand are to be discussed. The main features of the following market
structures are to be discussed in the context of
Elasticity of demand and elasticity of supply present business scenario –
Meaning, types; percentage, method of measuring
elasticity of demand and elasticity of supply, Perfectly competitive market, Monopoly market,
monopolistically competitive market,
Factors affecting elasticity of demand.
The concept of price elasticity of demand and Monopsony market (meaning to be highlighted).
supply are to be explained with percentage
method. (Simple numerical problems should be 4. The State and Economic Development
taught). The factors affecting the elasticity of The instruments of State intervention- fiscal
demand are to be specified. policy and monetary policy; The Public sector
enterprises - Types of Public Sector their role and
2. Factors of Production: Basic Concepts problems; Difference between Public and Private
Factors of production- Land, Labour, Capital and Sector, the issue of privatization of public
Entrepreneur. enterprises.
Land- meaning and characteristics, factors The meaning of fiscal policy. Direct and Indirect
affecting productivity of land. Taxes (meaning, merits and demerits), Types of
Taxes (progressive, regressive, proportional and
Destruction of ecosystem due to changing patterns degressive- meaning with examples). Monetary
of land use, migration, industrialization, shifting Policy – meaning only. Public sector – types, Its
role and problems. Private Sector definition and
examples. Difference between Public and Private
Sector, Reasons for Privatization.
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 the reasons you may think relevant for your
5. Money and Banking: Basic Concepts analysis.
Money: meaning, functions of Money; Inflation - 4. Take a case of public enterprise which is about to
meaning, effects of inflation on the functioning of be privatized or has been recently privatized.
the economy (in brief). Banking: Commercial Analyze the pros and cons of such an exercise
Banks - functions; Central Bank - functions; undertaken by the government. (The case of
quantitative and qualitative credit control VSNL or BALCO can be taken up).
measures adopted by RBI. 5. Take a case of a nationalized bank – visit any one
A basic understanding of the concepts of money, of its branches in your city. Analyze the main
its functions (elaborate explanation of primary functions of this bank’s branch. Make a
and secondary functions and a brief explanation presentation to this effect.
of Contingent functions).
6. Recently rates of interests have been reduced on
Meaning and types of inflation to be discussed
all the saving instruments. Carry out a survey of
(Creeping, Walking, Running and Hyper-
30 people in your area as to what is their reaction
inflation). The impact of inflation on various
to this cut. The sample may consist of salaried
economic entities such as debtors and creditors,
people, business people and professionals.
fixed income groups and producers are to be
explained very briefly. Definition of Commercial 7. Take a case of five FMCGs – fast moving
and Central Banks and differences between the consumer goods - bathing soaps, toothpastes,
two; Functions of commercial banks and functions facial creams, shampoos, ball pens. Analyze as to
of RBI - qualitative and quantitative controls used how the market for these products is characterized
by the RBI as part of its credit control measures by product differentiation.
should be explained. 8. Take the case of a company and analyze the
NOTE: It is suggested that case studies may be production process in which all the factors that
discussed on the following topics: you studied in your class, are used by the company
to produce a product.
• Factors of Production
• Banking
EVALUATION
• Inflation
The project work is to be evaluated by the subject
INTERNAL ASSESSMENT – 100 Marks teacher and by an External Examiner. The External
Examiner shall be nominated by the Head of the
Candidates will be required to do a minimum of four
school and may be a teacher from the faculty, but not
assignments during the year, as assigned by the
teaching the subject in the relevant section/class.
teacher.
For example, a teacher of Economics of Class XI may
Suggested list of assignments: be deputed to be the External Examiner for Class X
1. Take a fast moving consumer good (FMCG) like Economic Applications project work.
washing machine detergent. Analyze the factors The Internal Examiner and the External Examiner
that determine the demand of this product. Present will assess the candidate’s work independently.
your findings in form of a class presentation.
Award of marks (100 marks)
2. Develop a hypothetical table of information for Subject Teacher (Internal Examiner) 50 marks
coffee that shows quantity demanded at various External Examiner 50 marks
prices and supply of coffee at these prices. Draw a The total marks obtained out of 100 are to be sent to
demand curve and supply curve and show an the Council by the Head of the School. The Head of
equilibrium price at which market is cleared of its the school will be responsible for the online entry of
supplies. marks on the Council’s CAREERS portal by the due
date.
3. Make a list of products for which you think
demand is price inelastic and price elastic. Specify

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 INTERNAL ASSESSMENT IN ECONOMIC APPLICATIONS - PROPOSED GUIDELINES FOR MARKING WITH GRADES

Criteria Preparation Procedure Observation Inference Presentation Marks

Grade I Excellent choice of Originality and Systematic record of data; Information fitted Methodical, precise and 4 marks
firm, appropriate to relevance; creative, good arrangement of correctly to model; work clear expression; neat for each
project; clear rational and structured data; independent market indicates understanding, and tidy presentation; criterion
identification of aspect thinking; effective survey; creative good comprehension of optimum utilisation of
to study; good research. model; good representation. subject. skills.
questionnaire.
Grade II Relevant choice of firm; Originality and Able to record data, but Can judge and grasp Work neat and tidy and 3 marks
identified aspect to structured thinking; not step-by-step; able to information correctly; clearly presented; for each
study; adequate adequate framing of grasp information; conclusion quantitatively methodical and criterion
research. questions; good insight. independent market evaluated. appropriate techniques
survey. used.

Grade III Adequate choice of Records information Assistance required in Requires some assistance Reasonably clear but 2 marks
firm; some idea of what correctly but lacks presenting, recording and to relate data to model; work disorganised in for each
to study; some originality; independent arranging data; can able to relate to economic places; writing untidy criterion
information gathered. framing of questions. conduct market survey. scenario. in places.

Grade IV Firm selected but Unable to form a correct Tends to make mistakes Assistance required in Sequence of work 1 mark for
continuous assistance model; requires in organising data; some order to grasp the relevant acceptable but not very each
required for collection assistance to prepare ability to conduct market and validity of neat; poor presentation. criterion
of information. questionnaire. survey. information; tends to
make errors.

Grade V Lack of perception of Not able to comprehend Faulty survey and Cannot process results; Data presentation 0 marks
the subject and concept of a model; mistakes in data; not able faulty conclusions in untidy and for each
objective; lack of effort. unable to prepare to proceed even with spite of assistance disorganised; effort and criterion
questionnaire even with assistance. provided. initiative lacking.
assistance.