ICSE Class 10 Syllabus 2028 Economic Applications

ICSE
INDIAN CERTIFICATE OF
SECONDARY EDUCATION
EXAMINATION
YEAR 2028

ECONOMIC APPLICATIONS
(87)

Developed by:
Research, Development and Curriculum Division (RDCD)
CISCE

January 2026
____________________________________________________________________________________________

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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.
Diversity and plurality - the basic strength for
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Schools to motivate pupils towards the
cultivation of:
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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 of 100 marks and Internal Assessment of 100 marks.
THEORY – 100 Marks
1. Demand and Supply: Basic Concepts
Demand -Meaning and Types of Demand Supply - Meaning
Law of demand and supply: demand and supply schedule and curve (both individual and market); movement
and shift of the demand and supply curve; determinants of demand and supply; exceptions to the law of
demand.
Meaning of Demand and Supply. Types of Demand (Joint Demand, Derived Demand and Composite
Demand).
A basic understanding of the law of demand and supply in which demand and supply schedules are to be used
to explain the demand and supply curves. The individual demand and supply curves must be distinguished
from market demand and supply curves. Determinants of demand and supply are to be specified. Exceptions
to the law of demand are to be discussed.
Elasticity of demand and elasticity of supply Meaning, types; percentage, method of measuring elasticity of
demand and elasticity of supply, Factors affecting elasticity of demand and elasticity of supply.
The concept of price elasticity of demand and supply are to be explained with percentage method. The factors
affecting the elasticity of demand and supply are to be specified. (Simple numericals should be taught)

2. Factors of Production: Basic Concepts
Factors of production-Land, Labour, Capital and Entrepreneur.
Land- meaning and characteristics, functions and factors affecting productivity of land.
Destruction of ecosystem due to changing patterns of land use, migration, industrialization, shifting
cultivation, dwelling units, mining, urbanization, construction of dams, etc.
Labour- meaning and characteristics. Division of labour - meaning, types, advantages and disadvantages.
Efficiency of labour- meaning, reasons for low efficiency of Indian labour.
Capital - meaning, types and characteristics. Capital formation - meaning, factors affecting capital formation.
Entrepreneur - meaning, functions and role of entrepreneurs in economic development.

3. Alternative Market Structures: Basic Concepts
Nature and structure of markets- Perfectly competitive market, Monopoly market, monopolistically
competitive market, concept of product differentiation, Monopsony market, and Oligopoly market.
The main features of the following market structures are to be discussed in the context of present business
scenario–
Perfectly competitive market, Monopoly market, monopolistically competitive market,
Monopsony market (meaning to be highlighted).
Oligopoly market (only meaning with examples).

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4. The State and Economic Development
The role of State in promoting development; the instruments of State intervention- fiscal policy and monetary
policy; The Public sector enterprises - their role and problems; the issue of privatization of public enterprises.
A basic understanding of the role of the State in the economy needs to be highlighted in the context of Indian
economy. The meaning of fiscal policy. Direct and Indirect Taxes (meaning, merits and demerits), Types of
Taxes (progressive, regressive, proportional and degressive- meaning with examples). Monetary Policy –
meaning only. Public sector - its role and problems. Reasons for Privatization.

5. Money and Banking: Basic Concepts
Money: meaning, functions of Money; Inflation - meaning, effects of inflation on the functioning of the
economy (in brief). Banking: Commercial Banks - functions; Central Bank - functions; quantitative and
qualitative credit control measures adopted by RBI.
A basic understanding of the concepts of money, its functions. Meaning and types of inflation to be discussed
(Creeping, Walking, Running and Hyper-inflation). The impact of inflation on various economic entities such
as debtors and creditors, fixed income groups and producers are to be explained very briefly. Functions of
commercial banks and functions of RBI - qualitative and quantitative controls used by the RBI as part of its
credit control measures should be explained.
NOTE: It is suggested that case studies may be discussed on the following topics:
• Factors of Production
• Banking
• Inflation

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INTERNAL ASSESSMENT – 100 Marks
Candidates will be required to do a minimum of four assignments during the year, as assigned by the teacher.
Suggested list of assignments:
1. Take a fast-moving consumer good (FMCG) like washing machine detergent. Analyse the factors that
determine the demand of this product. Present your findings in form of a class presentation.
2. Develop a hypothetical table of information for coffee that shows quantity demanded at various prices and
supply of coffee at these prices. Draw a demand curve and supply curve and show an equilibrium price at
which market is cleared of its supplies.
3. Make a list of products for which you think demand is price inelastic and price elastic. Specify the reasons
you may think relevant for your analysis.
4. Take a case of public enterprise which is about to be privatised or has been recently privatised. Analyse the
pros and cons of such an exercise undertaken by the government. (The case of VSNL or BALCO can be taken
up).
5. Take a case of a nationalised bank – visit any one of its branches in your city. Analyse the main functions of
this bank’s branch. Make a presentation to this effect.
6. Recently rates of interests have been reduced on all the saving instruments. Carry out a survey of 30 people
in your area as to what is their reaction to this cut. The sample may consist of salaried people, business people
and professionals.
7. Take a case of five FMCGs – fast moving consumer goods - bathing soaps, toothpastes, facial creams,
shampoos, ball pens. Analyse as to how the market for these products is characterized by product
differentiation.
8. Take the case of a company and analyse the production process in which all the factors that you studied in
your class, are used by the company to produce a product.

EVALUATION
The project work is to be evaluated by the subject teacher and by an External Examiner. The External Examiner
shall be nominated by the Head of the school and may be a teacher from the faculty, but not teaching the subject
in the relevant section/class. For example, a teacher of Economics of Class XI may be deputed to be the External
Examiner for Class X Economic Applications project work.
The Internal Examiner and the External Examiner will assess the candidate’s work independently.
Award of marks (100 marks)
Subject Teacher (Internal Examiner) 50 marks
External Examiner 50 marks
The total marks obtained out of 100 are to be sent to CISCE by the Head of the School. The Head of the school
will be responsible for the online entry of marks on CISCE’s CAREERS portal by the due date.

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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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