Page 1 :
ECONOMIC APPLICATIONS (87), Candidates offering Economics (Group II) are not eligible to offer Economic Applications (Group III)., , CLASS X, 2. Factors of Production: Basic Concepts, , There will be one theory paper of two hours duration, 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, affecting productivity of land., , Part I (compulsory) will contain short answer, questions on the entire syllabus., , Destruction of ecosystem due to changing patterns, of land use, migration, industrialization, shifting, cultivation, dwelling units, mining, urbanization,, construction of dams, etc., Labour- meaning and characteristics. Division of, labour – meaning. Efficiency of labour- meaning,, reasons for low efficiency of Indian labour., Capital - meaning, types and characteristics., Capital formation – meaning. The three stages of, capital formation MUST be explained., Entrepreneur - meaning, functions and role of, entrepreneurs in economic development., , Part II will consist of questions that will require, detailed answers. There will be a choice of questions., THEORY – 100 Marks, 1. Demand and Supply: Basic Concepts, •, , Demand - Meaning and Types of Demand,, Supply – Meaning; 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. Types of, Demand (Joint Demand, Derived Demand, and Composite Demand)., , 3. Alternative Market Structures: Basic Concepts, Nature and structure of markets - Perfectly, competitive, market,, Monopoly, market,, monopolistically competitive market, concept of, product differentiation, Monopsony market., , A basic understanding of the law of demand, and supply in which demand and supply, schedules are 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. Determinants of demand and supply, are to be specified. Exceptions to the law of, demand are to be discussed., , •, , The main features of the following market, structures are to be discussed in the context of, present business scenario:, •, , Perfectly competitive market, Monopoly, market, monopolistically competitive market,, , •, , Monopsony market, highlighted)., , (meaning, , to, , be, , 4. The State and Economic Development, , Elasticity of demand and elasticity of supply, Meaning, types, percentage, method of, measuring elasticity of demand and elasticity, of supply., , The instruments of State intervention - fiscal, policy and monetary policy; The Public sector, enterprises - their role and problems; the issue of, privatization of public enterprises., , The concept of price elasticity of demand and, supply are to be explained with percentage, method. Simple numerical problems should be, taught., , The meaning of fiscal policy. Direct and Indirect, Taxes (meaning, merits and demerits), Types of, Taxes (progressive, regressive, proportional and, degressivemeaning, with, examples)., 1

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

Page 3 :
Award of marks, Subject Teacher (Internal Examiner), External Examiner, , EVALUATION, The project work is to be evaluated by the subject, teacher and by an External Examiner. The External, Examiner shall be nominated by the Head of the, school and may be a teacher from the faculty, but not, teaching the subject in the relevant section/class., For example, a teacher of Economics of Class XI may, be deputed to be the External Examiner for Class X, Economic Applications project work., , (100 marks), 50 marks, 50 marks, , The total marks obtained out of 100 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., , The Internal Examiner and the External Examiner, will assess the candidate’s work independently., , 3

Page 4 :
INTERNAL ASSESSMENT IN ECONOMIC APPLICATIONS - PROPOSED GUIDELINES FOR MARKING WITH GRADES, Criteria, Grade I, , Preparation, Excellent choice of, firm, appropriate to, project;, clear, identification of aspect, to study; good research., , Observation, Systematic record of data;, good arrangement of, data; independent market, survey;, creative, representation., , Inference, Information, fitted, correctly to model; work, indicates understanding,, good comprehension of, subject., , Presentation, Methodical, precise and, clear expression; neat, and tidy presentation;, optimum utilisation of, skills., , Marks, 4 marks, for each, criterion, , Relevant choice of firm;, identified aspect to, study;, adequate, research., , Procedure, Originality, and, relevance;, creative,, rational and structured, thinking;, effective, model;, good, questionnaire., Originality, and, structured, thinking;, adequate framing of, questions; good insight., , Grade II, , Able to record data, but, not step-by-step; able to, grasp, information;, independent, market, survey., , Can judge and grasp, information, correctly;, conclusion quantitatively, evaluated., , Work neat and tidy and, clearly, presented;, methodical, and, appropriate techniques, used., , 3 marks, for each, criterion, , Grade III, , Adequate choice of, firm; some idea of what, to, study;, some, information gathered., , Records, information, correctly, but, lacks, originality; independent, framing of questions., , Assistance required in, presenting, recording and, arranging, data;, can, conduct market survey., , Requires some assistance, to relate data to model;, able to relate to economic, scenario., , Reasonably clear but, work disorganised in, places; writing untidy, in places., , 2 marks, for each, criterion, , Grade IV, , Firm, selected, but, continuous assistance, required for collection, of information., , Unable to form a correct, model;, requires, assistance to prepare, questionnaire., , Tends to make mistakes, in organising data; some, ability to conduct market, survey., , Assistance required in, order to grasp the relevant, and, validity, of, information; tends to, make errors., , Sequence of work, acceptable but not very, neat; poor presentation., , 1 mark for, each, criterion, , Grade V, , Lack of perception of, the, subject, and, objective; lack of effort., , Not able to comprehend, concept of a model;, unable, to, prepare, questionnaire even with, assistance., , Faulty, survey, and, mistakes in data; not able, to proceed even with, assistance., , Cannot process results;, faulty conclusions in, spite, of, assistance, provided., , Data, presentation, untidy, and, disorganised; effort and, initiative lacking., , 0 marks, for each, criterion, , 4