ECONOMIC APPLICATIONS (87)

CLASS X

There will be one theory paper of two hours duration Capital - meaning, types and characteristics.
of 100 marks and Internal Assessment of 100 marks. Capital formation – meaning.
The paper will consist of Part I and Part II. Entrepreneur – meaning and functions.
Part I (compulsory) will contain short answer 3. Alternative Market Structures: Basic
questions on the entire syllabus. Concepts
Part II will consist of questions that will require Nature and structure of markets- Perfectly
detailed answers. There will be a choice of questions. competitive market, Monopoly market,
monopolistically competitive market, concept of
THEORY – 100 Marks product differentiation.
1. Demand and Supply: Basic Concepts The main features of the following market
structures are to be discussed in the context of
(i) Demand and Supply; Law of demand and present business scenario–
supply, demand and supply schedule and
curve (both individual and market); Perfectly competitive market, Monopoly market,
movement and shift of the demand and monopolistically competitive market.
supply curve; determinants of demand and
4. The State and Economic Development
supply; exceptions to the law of demand.
Instruments of State intervention - fiscal policy.
Meaning of Demand and Supply.
The meaning of fiscal policy. Direct and Indirect
A basic understanding of the law of demand Taxes (meaning), Types of Taxes (progressive,
and supply in which demand and supply regressive, proportional and degressive -
schedules are to be used to explain the meaning with examples).
demand and supply curves. The individual
demand and supply curves must be 5. Money and Banking: Basic Concepts
distinguished from market demand and
Money: meaning; Inflation - meaning, effects of
supply curves. Determinants of demand and
inflation on the functioning of the economy (in
supply are to be specified. Exceptions to the
brief). Banking: Commercial Banks - functions;
law of demand are to be discussed.
Central Bank - functions; quantitative and
(ii) Elasticity of demand and elasticity of supply qualitative credit control measures adopted by
Meaning and types. RBI.
Self-explanatory A basic understanding of the concepts of money,
Meaning and types of inflation to be discussed
2. Factors of Production: Basic Concepts (Creeping, Walking, Running and Hyper-
inflation). The impact of inflation on various
Factors of production- Land, Labour, Capital and economic entities such as, fixed income groups
Entrepreneur. and producers are to be explained very briefly.
Land- meaning and characteristics, functions and Functions of commercial Banks: Acceptance of
deposit and lending (types of loans and deposits
its importance.
must be taught) and functions of RBI-Monopoly
Labour- meaning and characteristics. Division of of note issue. Qualitative and quantitative
labour - meaning, Efficiency of labour- meaning, controls used by the RBI- the meaning and
reasons for low efficiency of Indian labour. difference between the two. The tools of the
qualitative and quantitative control should be
named.
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NOTE: IT IS SUGGESTED THAT CASE 5. Recently rates of interests have been reduced on
STUDIES MAY BE DISCUSSED ON THE all the saving instruments. Carry out a survey of
FOLLOWING TOPICS: 30 people in your area as to what is their
reaction to this cut. The sample may consist of
• Factors of Production
salaried people, business people and
• Banking professionals.
• Inflation 6. Take a case of five FMCGs – fast moving
consumer goods - bathing soaps, toothpastes,
facial creams, shampoos, ball pens. Analyze as
INTERNAL ASSESSMENT – 100 Marks to how the market for these products is
Candidates will be required to do a minimum of characterized by product differentiation.
four assignments during the year, as assigned by the 7. Take the case of a company and analyze the
teacher. production process in which all the factors that
you studied in your class, are used by the
Suggested list of assignments: company to produce a product.
1. Take a fast-moving consumer good (FMCG) like
washing machine detergent. Analyze the factors EVALUATION
that determine the demand of this product. The project work is to be evaluated by the subject
Present your findings in form of a class teacher and by an External Examiner. The External
presentation. Examiner shall be nominated by the Head of the
2. Develop a hypothetical table of information for school and may be a teacher from the faculty, but not
coffee that shows quantity demanded at various teaching the subject in the relevant section/class.
prices and supply of coffee at these prices. Draw For example, a teacher of Economics of Class XI
a demand curve and supply curve and show an may be deputed to be the External Examiner for
equilibrium price at which market is cleared of Class X Economic Applications project work.
its supplies. The Internal Examiner and the External Examiner
will assess the candidate’s work independently.
3. Make a list of products for which you think
demand is price inelastic and price elastic. Award of marks (100 marks)
Specify the reasons you may think relevant for Subject Teacher (Internal Examiner) : 50 marks
your analysis. External Examiner : 50 marks
4. Take a case of a nationalized bank – visit any The total marks obtained out of 100 are to be sent to
one of its branches in your city. Analyze the the Council by the Head of the School. The Head of
main functions of this bank’s branch. Make a the school will be responsible for the online entry of
presentation to this effect. marks on the Council’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. representation. subject. skills.
model; good
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.