ECONOMIC APPLICATIONS (87)

Candidates offering Economics (Group II) are not eligible to offer Economic Applications (Group III).

CLASS X

There will be one theory paper of two hours duration 2. Factors of Production: Basic Concepts
of 100 marks and Internal Assessment of 100 marks. Factors of production- Land, Labour, Capital and
Entrepreneur.
The paper will consist of Part I and Part II.
Land- meaning and characteristics, factors
Part I (compulsory) will contain short answer affecting productivity of land.
questions on the entire syllabus.
Destruction of ecosystem due to changing patterns
Part II will consist of questions that will require of land use, migration, industrialization, shifting
detailed answers. There will be a choice of questions. cultivation, dwelling units, mining, urbanization,
construction of dams, etc.
THEORY – 100 Marks Labour- meaning and characteristics. Division of
labour – meaning. Efficiency of labour- meaning,
1. Demand and Supply: Basic Concepts reasons for low efficiency of Indian labour.
• Demand - Meaning and Types of Demand, Capital - meaning, types and characteristics.
Supply – Meaning; Law of demand and Capital formation – meaning. The three stages of
capital formation MUST be explained.
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;
3. Alternative Market Structures: Basic Concepts
exceptions to the law of demand.
Meaning of Demand and Supply. Types of Nature and structure of markets - Perfectly
Demand (Joint Demand, Derived Demand competitive market, Monopoly market,
and Composite Demand). monopolistically competitive market, concept of
product differentiation, Monopsony market.
A basic understanding of the law of demand
and supply in which demand and supply The main features of the following market
schedules are to be used to explain the structures are to be discussed in the context of
demand and supply curves. The individual present business scenario:
demand and supply curves must be • Perfectly competitive market, Monopoly
distinguished from market demand and supply market, monopolistically competitive market,
curves. Determinants of demand and supply • Monopsony market (meaning to be
are to be specified. Exceptions to the law of highlighted).
demand are to be discussed.
• Elasticity of demand and elasticity of supply 4. The State and Economic Development
Meaning, types, percentage, method of The instruments of State intervention - fiscal
measuring elasticity of demand and elasticity policy and monetary policy; The Public sector
of supply. enterprises - their role and problems; the issue of
The concept of price elasticity of demand and privatization of public enterprises.
supply are to be explained with percentage The meaning of fiscal policy. Direct and Indirect
method. Simple numerical problems should be Taxes (meaning, merits and demerits), Types of
taught. Taxes (progressive, regressive, proportional and
degressive- meaning with examples).

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Monetary Policy – meaning only. Public sector - INTERNAL ASSESSMENT – 100 Marks
its role and problems. Reasons for Privatization.
Candidates will be required to do a minimum of four
5. Money and Banking: Basic Concepts assignments during the year, as assigned by the
Money: meaning, functions of Money; Inflation - teacher.
meaning, effects of inflation on the functioning of Suggested list of assignments:
the economy (in brief). Banking: Commercial
1. Take a fast moving consumer good (FMCG) like
Banks - functions; Central Bank - functions;
quantitative and qualitative credit control washing machine detergent. Analyze the factors
measures adopted by RBI. that determine the demand of this product. Present
your findings in form of a class presentation.
A basic understanding of the concepts of money,
2. Develop a hypothetical table of information for
its functions (only the primary and secondary
functions of money). Meaning and types of coffee that shows quantity demanded at various
inflation to be discussed (Creeping, Walking, prices and supply of coffee at these prices. Draw a
Running and Hyper-inflation). The impact of demand curve and supply curve and show an
inflation on various economic entities such as equilibrium price at which market is cleared of its
fixed income groups and producers are to be supplies.
explained very briefly.
Definitions of Commercial and Central banks- 3. Make a list of products for which you think
difference between the two. demand is price inelastic and price elastic. Specify
Functions of commercial banks: Accepting the reasons you may think relevant for your
deposits (different types of deposits), Lending analysis.
Money (different methods of lending by
4. Take a case of public enterprise which is about to
Commercial banks).Importance of having bank
be privatized or has been recently privatized.
accounts.
Analyze the pros and cons of such an exercise
Functions of RBI - Monopoly of note issue and undertaken by the government. (The case of
Lender of last resort. Qualitative and quantitative VSNL or BALCO can be taken up).
controls used by the RBI as part of its credit
control measures must be explained. 5. Take a case of a nationalized bank – visit any one
of its branches in your city. Analyze the main
functions of this bank’s branch. Make a
NOTE: It is suggested that case studies may be
presentation to this effect.
discussed on the following topics:
6. Recently rates of interests have been reduced on
• Factors of Production all the saving instruments. Carry out a survey of
• Banking 30 people in your area as to what is their reaction
• Inflation 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. Analyze as to
how the market for these products is characterized
by product differentiation.
8. Take the case of a company and analyze the
production process in which all the factors that
you studied in your class, are used by the company
to produce a product.

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

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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.