ICSE Class 10 Syllabus 2028 Economics

ICSE
INDIAN CERTIFICATE OF
SECONDARY EDUCATION
EXAMINATION
YEAR 2028

ECONOMICS
(64)

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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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 carrying 80 marks and Internal Assessment of 20 marks.

1. The Productive Mechanism
Factors of production: Land, labour, capital and entrepreneur: their impact on the production structure in an
economy.
(a) Land: meaning and characteristics, productivity of land – meaning only; factors affecting productivity of
land.
(b) Labour: meaning and characteristics; division of labour: meaning, type and advantages; efficiency of
labour; meaning, reasons for low efficiency of Indian labour.
(c) Capital: meaning and characteristics and types: physical and financial capital- meaning with examples;
Capital Formation; meaning, Process of capital formation; Need for capital formation;
(d) Entrepreneur: meaning, functions and role of entrepreneur in economic development.

2. Theory of Demand and Supply
(a) Meaning and concept of Demand and Supply.
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; 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. The individual demand and supply curves must be distinguished
from market demand and supply curves. Concept of movement and shift of Demand and Supply curves
are to be explained. 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: meaning, types, percentage method of measuring elasticity
of demand and elasticity of supply, factors affecting elasticity of demand and 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. (Numerical problems
are not for testing).

3. Market
Meaning and types.
Meaning of Market; Types of Markets: Perfect competition, Monopoly, Monopolistic Competition, Oligopoly
- meaning with examples; 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.

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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: Abrief understanding of
the functions.
(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.
A brief understanding of the above.
(e) Demonetisation
A brief understanding.
(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 (diagram not required). 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.

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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& Duties.
A brief understanding of the above. COPRA- 2019meaning 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.

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INTERNAL ASSESSMENT
The 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.
Award of Marks: (20 Marks)
Subject Teacher (Internal Examiner) 10 marks
External Examiner 10 marks
The total marks obtained out of 20 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 ECONOMICS - GUIDELINES FOR MARKING WITH GRADES

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

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