ICSE Economics Class 10 Syllabus 2025-26
There is one paper of two hours duration carrying 80 marks and Internal Assessment of 20 marks. The paper is divided into two sections: A and B. Candidates offering Economic Applications in (Group III) are not eligible to offer Economics (Group II).
Section A consists of questions requiring short answers and covers the entire syllabus. There is no choice of questions. Section B consists of questions which require detailed answers. There is a choice and you are required to answer four questions from this section.
1. 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.
2. Theory of Demand and Supply
(i) 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.
(ii) 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
(i) 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.
(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.
(iv) Monetary Policy of the Central Bank
(a) Qualitative Credit control measures: margin requirements; credit rationing; moral suasion.
(b) Quantitative Credit control measures: Bank Rate, Open Market Operations, Cash Reserve Ratio (CRR), Statutory Liquidity Ratio.
A brief understanding of the above
(v) Demonetisation
A brief understanding.
(vi) 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.
5. Inflation
(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.
6. 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.