ECONOMIC APPLICATIONS (87)

CLASS X

There will be one theory paper of two hours duration Land- meaning and characteristics, functions and
of 100 marks and Internal Assessment of 100 marks. its importance, factors affecting productivity of
land.
The paper will consist of Part I and Part II.
Labour- meaning and characteristics. Division of
Part I (compulsory) will contain short answer labour - meaning, Efficiency of labour- meaning,
questions on the entire syllabus. reasons for low efficiency of Indian labour.
Part II will consist of questions that will require Capital - meaning, types and characteristics.
detailed answers. There will be a choice of questions. Capital formation – meaning.
Entrepreneur - meaning, functions and role of
THEORY – 100 Marks entrepreneurs in economic development.

1. Demand and Supply: Basic Concepts

(i) 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 3. Alternative Market Structures: Basic Concepts
supply curve; determinants of demand and Nature and structure of markets- Perfectly
supply; exceptions to the law of demand.
competitive market, Monopoly market,
Meaning of Demand and Supply. monopolistically competitive market, concept of
A basic understanding of the law of demand product differentiation, Monopsony market.
and supply in which demand and supply The main features of the following market
schedules are to be used to explain the demand structures are to be discussed in the context of
and supply curves. The individual demand and present business scenario–
supply curves must be distinguished from
Perfectly competitive market, Monopoly market,
market demand and supply curves.
monopolistically competitive market,
Determinants of demand and supply are to be
specified. Exceptions to the law of demand are Monopsony market (meaning to be highlighted).
to be discussed.
4. The State and Economic Development
(ii) Elasticity of demand and elasticity of supply
Meaning and types. The instruments of State intervention- fiscal
Self-explanatory policy and monetary policy; The Public sector
enterprises - their role and problems.
2. Factors of Production: Basic Concepts The meaning of fiscal policy. Direct and Indirect
Factors of production- Land, Labour, Capital and Taxes (meaning, merits and demerits), Types of
Entrepreneur. Taxes (progressive, regressive, proportional and
degressive- meaning with examples). Monetary
Policy – meaning only. Public sector - its role and
problems.

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

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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 Originality and Able to record data, but Can judge and grasp Work neat and tidy and 3 marks
firm; identified aspect structured thinking; not step-by-step; able to information correctly; clearly presented; for each
to 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 acceptable but not very each
required for collection assistance to prepare ability to conduct market relevant 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 unable to prepare to proceed even with spite of assistance disorganised; effort and criterion
effort. questionnaire even with assistance. provided. initiative lacking.
assistance.