ICSE Class 10 Syllabus 2027 Economics

ICSE YEAR 2027

INDIAN CERTIFICATE OF
SECONDARY EDUCATION
EXAMINATION

ECONOMICS
(64)

February 2025
____________________________________________________________________________________________

© Copyright, Council for the Indian School Certificate Examinations
All rights reserved. The copyright to this publication and any part thereof solely vests in the Council for the Indian
School Certificate Examinations. This publication and no part thereof may be reproduced, transmitted, distributed or
stored in any manner whatsoever, without the prior written approval of the Council for the Indian School Certificate
Examinations.

Council for the Indian School Certificate Examinations (CISCE)

MISSION STATEMENT

The Council for the Indian School Certificate
Examinations is committed to serving the nation's
children, through high quality educational
endeavours, empowering them to contribute towards
a humane, just and pluralistic society, promoting
introspective living, by creating exciting learning
opportunities, with a commitment to excellence.

ETHOS OF CISCE

Trust and fair play.
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.
Diversity and plurality - the basic strength for
evolution of ideas.
Schools to motivate pupils towards the
cultivation of:
Excellence - The Indian and Global
experience.
Values - Spiritual and cultural - to be the bedrock
of the educational experience.
Schools to have an 'Indian Ethos', strong roots in
the national psyche and be sensitive to national
aspirations.

CLASS X
There will be one paper of two hours duration (ii) Elasticity of demand and elasticity of supply:
carrying 80 marks and Internal Assessment of meaning, types, percentage method of
20 marks. measuring elasticity of demand and elasticity
of supply, factors affecting elasticity of
1. The Productive Mechanism
demand and supply.
Factors of production: Land, labour, capital and The concept of price elasticity of demand and
entrepreneur: their impact on the production elasticity of supply are to be explained with
structure in an economy. percentage method. Factors affecting the
(i) Land: meaning and characteristics, elasticity of demand and supply are to be
productivity of land – meaning only; factors specified. (Numerical problems are not for
affecting productivity of land. testing).
(ii) Labour: meaning and characteristics; 3. Market
division of labour: meaning, type and
advantages; efficiency of labour; meaning, Meaning and types.
reasons for low efficiency of Indian labour. Meaning of Market; Types of Markets: Perfect
(iii) Capital: meaning and characteristics and competition, Monopoly, Monopolistic
types: physical and financial capital- meaning Competition, Oligopoly - meaning with examples;
with examples; Capital Formation; meaning, a brief understanding of the features of the
Process of capital formation; Need for capital different types of markets along with differences.
formation;
4. Banking in India
(iv) Entrepreneur: meaning, functions and role of
entrepreneur in economic development. (i) Money
A basic understanding of the inconvenience
2. Theory of Demand and Supply of the barter system and the evolution of
(i) Meaning and concept of Demand and Supply. money; legal definition of money; functions of
money: medium of exchange, measure of
Law of demand and supply: demand and value; standard of deferred payment, store of
supply schedule and curve (both individual value.
and market); movement and shift of the
demand and supply curve; determinants of (ii) Commercial banks: Meaning and functions.
demand and supply; exceptions to the law of Meaning. Functions of Commercial banks:
demand. Accepting deposits (a brief understanding of
the types of deposits); Advancing loans (a
Meaning of demand and supply; the concept
brief understanding of the types of loans,
of Demand, types of demand and concept of
methods of advancing loans); Credit creation
supply to be explained (with examples).
(a brief understanding of credit creation on
A basic understanding of the law of demand the basis of Primary and derivative deposits).
and supply in which demand and supply
(iii) Central Bank
schedules to be used to explain the demand
and supply curves. The individual demand and Meaning. Functions of Central Bank:
supply curves must be distinguished from monopoly of Note issue; Bankers Bank;
market demand and supply curves. Concept of Banker, Agent and Advisor to the
movement and shift of Demand and Supply Government; Custodian of Foreign
curves are to be explained. Determinants of Exchange; Lender of the Last Resort: A brief
demand and supply are to be specified. understanding of the functions.
Exceptions to the law of demand are to be
discussed.

3

(iv) Monetary Policy of the Central Bank 5. Inflation
(a) Qualitative Credit control measures: (i) Inflation
margin requirements; credit rationing;
Meaning of inflation.
moral suasion.
(ii) Stages of Inflation
(b) Quantitative Credit control measures:
Bank Rate, Open Market Operations, Creeping, Walking, Running and Hyper –
Cash Reserve Ratio (CRR), Statutory meaning only.
Liquidity Ratio. (iii) Types of Inflation: Cost push inflation and
A brief understanding of the above. demand- pull inflation
(v) Demonetisation Meaning, causes and differences only
(diagram not required). Negative effects of
A brief understanding.
inflation on production. Positive and negative
(vi) Public Finance effects of inflation on distribution with
reference to fixed income group and business
(a) Meaning of Public Finance.
income group only.
(b) Sources of Public Revenue:
6. Consumer Awareness
• Tax Revenue.
(i) Consumer Exploitation and Consumer
Direct Tax (meaning, merits and awareness.
demerits); Indirect Tax (meaning,
Meaning of consumer exploitation; a brief
merits and demerits); difference
understanding of the forms of consumer
between direct and indirect taxes.
exploitation; reasons for exploitation of
Goods and Services Tax (GST) - consumers in India - a brief understanding.
Meaning and objectives; Meaning of Consumer Awareness.
Progressive, proportional, regressive (ii) Consumer Rights & Duties.
and degressive taxes - meaning only.
A brief understanding of the above. COPRA -
• Non-tax revenue. 2019 meaning and features; RTI - meaning
and significance.
Meaning with examples.
(iii) Food adulteration.
(c) Public Expenditure.
Meaning and harmful effects.
Meaning of public expenditure, Revenue
and Capital expenditure with examples; (iv) Technical and Administrative measures for
reason for growth of public expenditure in Consumer Protection:
India. A brief understanding of: Public Distribution
(d) Public Debt. System (PDS); Bureau of Indian Standards
(BIS); AGMARK, ECOMARK.
Meaning and types of Public debts.

4

INTERNAL ASSESSMENT EVALUATION
The assignments/project works are to be evaluated
The minimum number of assignments:
by the subject teacher and by an External Examiner.
One project/assignment as prescribed by the teacher (The External Examiner may be a teacher nominated
from the syllabus. by the Head of the school, who could be from the
Suggested Assignments: faculty, but not teaching the subject in the
section/class. For example, a teacher of Economics of
 A visit to a local industrial unit and analyse the Class XI may be deputed to be an External Examiner
combination of the factors of production being for Class X, Economics projects.)
used in the production process.
The Internal Examiner and the External Examiner will
 Survey 15 people from your neighbourhood about assess the assignments independently.
the type of taxes they pay. From your survey
Award of Marks: (20 Marks)
conclude which type of tax is easier to pay and
why. Subject Teacher (Internal Examiner) 10 marks
 Visit a nearby store. Select five items of regular External Examiner 10 marks
consumption. Study the following: the impact of The total marks obtained out of 20 are to be sent to
GST on these five products; how this has impacted CISCE by the Head of the school.
the demand for these products; how it has The Head of the school will be responsible for the
benefitted the producer, consumer and the online entry of marks on CISCE’s CAREERS portal
government. by the due date.

5

INTERNAL ASSESSMENT IN ECONOMICS - GUIDELINES FOR MARKING WITH GRADES

Grade Preparation/ Research Information Observation Inference Presentation Marks
Follows instructions with A good deal of Systematic record of Work indicates Methodical, precise
I 4
understanding. relevant matter. data; good understanding, good and clear expression;
Masters research Uses wide range of arrangement of data; comprehension of neat and tidy
techniques easily. sources. creative subject. presentation; optimum
Reference work is representation. utilisation of skills.
orderly.
Follows instructions but Selects matter Able to record data Can judge and grasp Work neat and tidy
II 3
needs a little help in relevant to context. correctly. information correctly; and clearly presented;
research techniques. Limited use of conclusion quantitatively methodical and
Reference notes quite references/ sources. evaluated. appropriate techniques
orderly. used.
Follows instructions but Relevant matter but Assistance required Requires some assistance Reasonably clear but
III 2
needs constant guidance. limited reference in presenting, to grasp the relevance and work disorganised in
Reference notes at times work. Matter is recording and validity of information; places; writing untidy
disorderly. sketchy. arranging data. able to relate to economic in places.
scenario.
Struggles with research Hardly any reference Tends to make Assistance required in Sequence of work
IV 1
methods and needs material. mistakes in order to grasp the acceptable but not
constant guidance. Use of irrelevant organising data. relevance and validity of very neat; poor
Reference notes copied matter. Matter is quite information; tends to presentation.
without reference to sketchy. make errors.
keywords.
Cannot follow No reference Makes mistakes in Cannot process results; Data presentation
V 0
instructions. work/copied from organizing data; not faulty conclusions in spite untidy and
Works ‘blindly’ without other textbooks/ able to proceed even of assistance provided. disorganised; effort
reference to keywords. sketchy matter. with assistance. and initiative lacking.

6