ICSE Class 10 Syllabus 2027 Economic Applications

ICSE YEAR 2027

INDIAN CERTIFICATE OF
SECONDARY EDUCATION
EXAMINATION

ECONOMIC
APPLICATIONS
(87)

February 2025
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endeavours, empowering them to contribute towards
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introspective living, by creating exciting learning
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Minimum monitoring.
Allowing schools to evolve their own niche.
Catering to the needs of the children.
Giving freedom to experiment with new ideas
and practices.
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Schools to motivate pupils towards the
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experience.
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of the educational experience.
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the national psyche and be sensitive to national
aspirations.

CLASS X
There will be one theory paper of two hours duration Labour- meaning and characteristics. Division of
of 100 marks and Internal Assessment of 100 marks. labour - meaning, types, advantages and
THEORY – 100 Marks disadvantages. Efficiency of labour - meaning,
reasons for low efficiency of Indian labour.
1. Demand and Supply: Basic Concepts Capital - meaning, types and characteristics.
Demand - Meaning and Types of Demand Capital formation - meaning, factors affecting
Supply - Meaning capital formation.
Law of demand and supply: demand and supply
schedule and curve (both individual and market); Entrepreneur - meaning, functions and role of
movement and shift of the demand and supply entrepreneurs in economic development.
curve; determinants of demand and supply;
exceptions to the law of demand. 3. Alternative Market Structures: Basic Concepts
Meaning of Demand and Supply. Types of Nature and structure of markets- Perfectly
Demand (Joint Demand, Derived Demand and competitive market, Monopoly market,
Composite Demand). monopolistically competitive market, concept of
A basic understanding of the law of demand and product differentiation, Monopsony market, and
supply in which demand and supply schedules are Oligopoly market.
to be used to explain the demand and supply
The main features of the following market
curves. The individual demand and supply curves
must be distinguished from market demand and structures are to be discussed in the context of
supply curves. Determinants of demand and present business scenario –
supply are to be specified. Exceptions to the law of Perfectly competitive market, Monopoly market,
demand are to be discussed. monopolistically competitive market,
Elasticity of demand and elasticity of supply
Monopsony market (meaning to be highlighted).
Meaning, types; percentage, method of measuring
elasticity of demand and elasticity of supply, Oligopoly market (only meaning with examples).
Factors affecting elasticity of demand and
elasticity of supply. 4. The State and Economic Development
The concept of price elasticity of demand and The role of State in promoting development; the
supply are to be explained with percentage
instruments of State intervention- fiscal policy and
method. The factors affecting the elasticity of
demand and supply are to be specified. (Simple monetary policy; The Public sector enterprises -
numericals should be taught) their role and problems; the issue of privatization
of public enterprises.
2. Factors of Production: Basic Concepts
A basic understanding of the role of the State in
Factors of production- Land, Labour, Capital and the economy needs to be highlighted in the context
Entrepreneur. of Indian economy. The meaning of fiscal policy.
Land- meaning and characteristics, functions and Direct and Indirect Taxes (meaning, merits and
factors affecting productivity of land. demerits), Types of Taxes (progressive,
Destruction of ecosystem due to changing patterns regressive, proportional and degressive- meaning
of land use, migration, industrialization, shifting with examples). Monetary Policy – meaning only.
cultivation, dwelling units, mining, urbanization, Public sector - its role and problems. Reasons for
construction of dams, etc. Privatization.

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5. Money and Banking: Basic Concepts 4. Take a case of public enterprise which is about to
be privatized or has been recently privatized.
Money: meaning, functions of Money; Inflation -
Analyze the pros and cons of such an exercise
meaning, effects of inflation on the functioning of
undertaken by the government. (The case of
the economy (in brief). Banking: Commercial
VSNL or BALCO can be taken up).
Banks - functions; Central Bank - functions;
quantitative and qualitative credit control 5. Take a case of a nationalized bank – visit any one
measures adopted by RBI. of its branches in your city. Analyze the main
functions of this bank’s branch. Make a
A basic understanding of the concepts of money, presentation to this effect.
its functions. Meaning and types of inflation to be
discussed (Creeping, Walking, Running and 6. Recently rates of interests have been reduced on
Hyper-inflation). The impact of inflation on all the saving instruments. Carry out a survey of
various economic entities such as debtors and 30 people in your area as to what is their reaction
creditors, fixed income groups and producers are to this cut. The sample may consist of salaried
to be explained very briefly. Functions of people, business people and professionals.
commercial banks and functions of RBI - 7. Take a case of five FMCGs – fast moving
qualitative and quantitative controls used by the consumer goods - bathing soaps, toothpastes,
RBI as part of its credit control measures should facial creams, shampoos, ball pens. Analyze as to
be explained. how the market for these products is characterized
by product differentiation.
NOTE: It is suggested that case studies may be
discussed on the following topics: 8. Take the case of a company and analyze the
production process in which all the factors that
• Factors of Production
you studied in your class, are used by the company
• Banking to produce a product.
• Inflation
EVALUATION
INTERNAL ASSESSMENT – 100 Marks
The project work is to be evaluated by the subject
Candidates will be required to do a minimum of four teacher and by an External Examiner. The External
assignments during the year, as assigned by the Examiner shall be nominated by the Head of the
teacher. school and may be a teacher from the faculty, but not
teaching the subject in the relevant section/class.
Suggested list of assignments:
For example, a teacher of Economics of Class XI may
1. Take a fast moving consumer good (FMCG) like be deputed to be the External Examiner for Class X
washing machine detergent. Analyze the factors Economic Applications project work.
that determine the demand of this product. Present
your findings in form of a class presentation. The Internal Examiner and the External Examiner
2. Develop a hypothetical table of information for will assess the candidate’s work independently.
coffee that shows quantity demanded at various Award of marks (100 marks)
prices and supply of coffee at these prices. Draw a Subject Teacher (Internal Examiner) 50 marks
demand curve and supply curve and show an External Examiner 50 marks
equilibrium price at which market is cleared of its
The total marks obtained out of 100 are to be sent to
supplies.
CISCE by the Head of the School. The Head of the
3. Make a list of products for which you think school will be responsible for the online entry of marks
demand is price inelastic and price elastic. Specify on CISCE’s CAREERS portal by the due date.
the reasons you may think relevant for your
analysis.

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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.

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