ICSE (Class X)
Syllabus (2013)
Subject: Economic Applications
Class: X
There will be one theory paper of two hours duration of 100 marks and Internal Assessment of 100 marks. The paper will consist of Part I and Part II.
Part I (compulsory) will contain short answer questions on the entire syllabus.
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). 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. 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 elasticity of supply. The concept of price elasticity of demand and supply are to be explained with percentage method. The factors affecting the elasticity of demand and supply are to be specified. (Simple numericals should be taught)