ICSE Class 10 Economic Applications Syllabus 2026-27

2. Theory of Demand and Supply

(a) Meaning and Concept of Demand and Supply

Meaning of demand and supply; the concept of demand, types of demand and concept of supply to be explained (with examples). A basic understanding of the law of demand and supply in which demand and supply schedules to be used to explain the demand and supply curves.

• Law of demand and supply

• Demand and supply schedule and curve (both individual and market)

• The individual demand and supply curves must be distinguished from market demand and supply curves

• Movement and shift of the demand and supply curve

• Determinants of demand and supply are to be specified

• Exceptions to the law of demand are to be discussed

  
  

(b) Elasticity of Demand and Elasticity of Supply

The concept of price elasticity of demand and elasticity of supply are to be explained with percentage method. Factors affecting the elasticity of demand and supply are to be specified.

• Meaning, types

• Percentage method of measuring elasticity of demand and elasticity of supply

• Factors affecting elasticity of demand and supply

3. Market

Meaning of market; types of markets:

A brief understanding of the features of the different types of markets along with differences.

4. Banking in India

(a) Money

A basic understanding of:

• The inconvenience of the barter system and the evolution of money

• Legal definition of money

• Functions of money: medium of exchange, measure of value, standard of deferred payment, store of value

  
  

(b) Commercial Banks: Meaning and Functions

Meaning. Functions of Commercial Banks:

• Accepting deposits — a brief understanding of the types of deposits

• Advancing loans — a brief understanding of the types of loans, methods of advancing loans

• Credit creation — a brief understanding of credit creation on the basis of primary and derivative deposits

  
  

(c) Central Bank

Meaning. Functions of Central Bank:

• Monopoly of note issue

• Bankers' bank

• Banker, agent and advisor to the government

• Custodian of foreign exchange

• Lender of the last resort

  
  

(d) Monetary Policy of the Central Bank

(i) Qualitative Credit Control Measures:

• Margin requirements

• Credit rationing

• Moral suasion

(ii) Quantitative Credit Control Measures:

• Bank Rate

• Open Market Operations

• Cash Reserve Ratio (CRR)

• Statutory Liquidity Ratio (SLR)

(e) Demonetisation

(f) Public Finance

(i) Meaning of Public Finance

(ii) Sources of Public Revenue:

Tax Revenue:

• Direct Tax — meaning, merits and demerits

• Indirect Tax — meaning, merits and demerits

• Difference between direct and indirect taxes

• Goods and Services Tax (GST) — meaning and objectives

• Progressive, proportional, regressive and degressive taxes — meaning only

Non-tax Revenue:

• Meaning with examples

(iii) Public Expenditure:

• Meaning of public expenditure

• Revenue and capital expenditure with examples

• Reason for growth of public expenditure in India

(iv) Public Debt:

• Meaning and types of public debts

  
  

5. Inflation

(a) Inflation

• Meaning of inflation

(b) Stages of Inflation

• Creeping, walking, running and hyper — meaning only

(c) Types of Inflation: Cost Push Inflation and Demand-Pull Inflation

• Meaning, causes and differences only

• Negative effects of inflation on production

• Positive and negative effects of inflation on distribution with reference to fixed income group and business income group only

  
  

6. Consumer Awareness

(a) Consumer Exploitation and Consumer Awareness

• Meaning of consumer exploitation

• A brief understanding of the forms of consumer exploitation

• Reasons for exploitation of consumers in India — a brief understanding

• Meaning of Consumer Awareness

(b) Consumer Rights and Duties

• A brief understanding of the above

• COPRA — 2019: meaning and features

• RTI: meaning and significance

(c) Food Adulteration

• Meaning and harmful effects

(d) Technical and Administrative Measures for Consumer Protection

A brief understanding of:

• Public Distribution System (PDS)

• Bureau of Indian Standards (BIS)

• AGMARK

• ECOMARK

  
  

INTERNAL ASSESSMENT — 20 Marks

Minimum number of assignments: One project/assignment as prescribed by the teacher from the syllabus.

Suggested Assignments

1. A visit to a local industrial unit and analyse the combination of the factors of production being used in the production process

2. Survey 15 people from your neighbourhood about the type of taxes they pay; from your survey conclude which type of tax is easier to pay and why

3. Visit a nearby store; select five items of regular consumption; study the following: the impact of GST on these five products; how this has impacted the demand for these products; how it has benefitted the producer, consumer and the government.

   
   

Evaluation

The assignments/project works are to be evaluated by the subject teacher and by an External Examiner. The External Examiner may be a teacher nominated by the Head of the school, who could be from the faculty, but not teaching the subject in the section/class. For example, a teacher of Economics of Class XI may be deputed to be an External Examiner for Class X Economics projects.

The Internal Examiner and the External Examiner will assess the assignments independently.

The total marks obtained out of 20 are to be sent to CISCE by the Head of the school via the CAREERS portal.

Internal Assessment Marking Criteria (Grade-Based)

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