ICSE Class 10th Economics Syllabus 2023: Economics is one of the most preferred subjects by students in ICSE Class 10. Due to its wide-ranging applications, Economics (Code: 64) is chosen by students looking to pursue humanities, commerce, and science careers. However, Economics is especially popular among students hoping to chart a career in the commerce field. The ICSE Class 10 Economics syllabus is not very big and consists of many fascinating concepts about money and the workings of the economy. The ICSE board exams 2023 are quickly approaching, so review the ICSE Class 10 Economics syllabus to ensure you haven't overlooked any important topics. View and download the revised ICSE Board Class 10 Economics syllabus 2023 in PDF here.
- ICSE Class 10th Datesheet 2023 Released
- ICSE Economics Specimen Paper 2023
- ICSE Class 10 Economics Previous Year Question Papers
ICSE Board Class 10 Economics Syllabus
The ICSE class 10 Economics paper will be of 80 marks, and the duration will be two hours. The exam will comprise two sections: Section A of short answer questions and Section B of detailed answers. There will be no choice in Section A. There will also be a separate internal assessment of 20 marks. Students will have to prepare a detailed project report and/or assignments.
- The Productive Mechanism
Factors of production: Land, labour, capital and entrepreneur: their impact on the production structure in an economy.
(i) Land: meaning and characteristics, productivity of land – meaning only; factors affecting productivity of land.
(ii) Labour: meaning and characteristics; division of labour: meaning, type and advantages; efficiency of labour; meaning, reasons for low efficiency of Indian labour.
(iii) Capital: meaning and characteristics and types: physical and financial capital- meaning with examples; Capital Formation; meaning, Process of capital formation; Need for capital formation;
(iv) Entrepreneur: meaning, functions and role of entrepreneur in economic development.
- Theory of Demand and Supply
Meaning and concept of Demand and Supply. Determinants of Demand and Supply.
Meaning of demand and supply; the concept of Demand, types of demand and concept of supply to be explained (with examples). Determinants of demand and supply are to be specified.
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.
- Banking in India
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.
(ii) Commercial banks: Meaning and functions.
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).
(iii) 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: A brief understanding of the functions.
A brief understanding.
(v) Public Finance
(a) Meaning of Public Finance.
(b) 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.
(c) Public Expenditure.
Meaning of public expenditure, Revenue and Capital expenditure with examples; reason for growth of public expenditure in India.
(d) Public Debt.
Meaning and types of Public debts.
(i) Inflation, Wholesale Price Index (WPI), Consumer Price Index (CPI), Food Basket.
Meaning of the above.
(ii) Stages of Inflation
Creeping, Walking, Running and Hyper – meaning only.
(iii) Types of Inflation: Cost push inflation and demand- pull inflation
Meaning, causes and differences only (diagram not required). Positive and 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.
- Consumer Awareness
(i) 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.
(ii) Consumer Rights & Duties.
A brief understanding of the above. COPRA - meaning and features; RTI - meaning and significance.
(iii) Food adulteration.
Meaning and harmful effects.
(iv) Technical and Administrative measures for Consumer Protection
A brief understanding of: Public Distribution System (PDS); Bureau of Indian Standards (BIS); AGMARK, ECOMARK.
The minimum number of assignments:
One project/assignment as prescribed by the teacher from the syllabus.
- A visit to a local industrial unit and analyse the combination of the factors of production being used in the production process.
- 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.
- 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.
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 the Council by the Head of the school.
The Head of the school will be responsible for the online entry of marks on the Council’s CAREERS portal by the due date.
Related: ICSE Full Form: What does ICSE stand for? Indian Certificate of Secondary Education
Download and read the Full ICSE Class 10th Economics Syllabus 2022-23 below
Download ICSE Class 10th Economics Syllabus 2023 PDF
Also Check: ICSE Class 10 Syllabus 2023
The ICSE class 10 board exams date is coming near, and the time table has also been released. Now is the time to start attempting mock tests. It boosts confidence and gives students an idea of what and what not to do in the final exams. Check the ICSE Class 10 mock tests here.
Economics is a key subject ICSE Class 10 that goes hand in hand with other social science subjects like History and Geography. Check the syllabus of related ICSE board 10th Class subjects below.
Read: ICSE Class 10 History & Civics Syllabus 2023
Read: ICSE Class 10 Geography Syllabus 2023
Read: ICSE Class 10 Hindi Syllabus 2023