THEORY
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)
THEORY
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)
2. Factors of Production: Basic Concepts
Factors of production- Land, Labour, Capital and
Entrepreneur.
Land- meaning and characteristics, functions and
its importance, factors affecting productivity of
land.
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, types, advantages and
disadvantages. Efficiency of labour meaning,
reasons for low efficiency of Indian labour.
-
Capital meaning, types and characteristics.
meaning, factors affecting
Capital formation
capital formation.
Entrepreneur meaning, functions and role of
entrepreneurs in economic development.
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.
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 (meaning to be highlighted).
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, types, advantages and
disadvantages. Efficiency of labour meaning,
reasons for low efficiency of Indian labour.
-
Capital meaning, types and characteristics.
meaning, factors affecting
Capital formation
capital formation.
Entrepreneur meaning, functions and role of
entrepreneurs in economic development.
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.
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 (meaning to be highlighted).
4. The State and Economic Development
The role of State in promoting development; 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.
A basic understanding of the role of the State in
the economy needs to be highlighted in the context
of Indian economy. The meaning of fiscal policy.
Direct and Indirect Taxes (meaning, merits and
demerits), Types of Taxes (progressive,
regressive, proportional and degressive- meaning
with examples). Monetary Policy – meaning only.
Public sector - its role and problems. Reasons for
Privatization.
5. 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.
A basic understanding of the concepts of money,
its functions. Meaning and types of inflation to be
discussed (Creeping, Walking, Running and
Hyper-inflation). The impact of inflation on
various economic entities such as debtors and
creditors, fixed income groups and producers are
to be explained very briefly. Functions of
INTERNAL ASSESSMENT
Candidates will be required to do a minimum of four
assignments during the year, as assigned by the
teacher.
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.
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.
INTERNAL ASSESSMENT - 100 Marks
Candidates will be required to do a minimum of four
assignments during the year, as assigned by the
teacher.
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.
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.
commercial banks and functions of RBI
qualitative and quantitative controls used by the
RBI as part of its credit control measures should
be explained.
NOTE: It is suggested that case studies may be
discussed on the following topics:
⚫ Factors of Production
Banking
Inflation
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.
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.
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.
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.
The Internal Examiner and the External Examiner
will assess the candidate's work independently.
Award of marks
Subject Teacher (Internal Examiner)
Extemal Examiner
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.
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.
The Internal Examiner and the External Examiner
will assess the candidate's work independently.
Award of marks
Subject Teacher (Internal Examiner)
Extemal Examiner
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.
INTERNAL ASSESSMENT IN ECONOMIC APPLICATIONS - PROPOSED GUIDELINES FOR MARKING WITH GRADES
Observation
Criteria
Grade I
Procedure
model;
Preparation
Excellent choice of Originality and Systematic record of data;
firm, appropriate to relevance; creative, good arrangement of
project;
clear rational and structured data; independent market
identification of aspect thinking; effective survey:
creative
to study; good research.
good representation.
questionnaire.
Grade II
Relevant choice of firm;
Originality
and
structured thinking;
adequate framing of
questions; good insight.
Able to record data, but
not step-by-step; able to
grasp information;
independent market
survey.
identified aspect to
study; adequate
research.
Grade III Adequate choice of
firm; some idea of what
to study; some
information gathered.
Grade IV
Grade V
Firm selected but
continuous assistance
required for collection
of information.
Lack of perception of
the subject and
objective; lack of effort.
Records information
correctly but lacks
originality; independent
framing of questions.
Unable to form a correct
model;
requires
assistance to prepare
questionnaire.
Not able to comprehend
concept of a model;
unable to prepare
questionnaire even with
assistance.
Assistance required in
presenting, recording and
arranging data; can
conduct market survey.
Tends to make mistakes
in organising data; some
ability to conduct market
survey.
Faulty survey and
mistakes in data; not able
to proceed even with
assistance.
Inference
Information fitted
correctly to model; work
indicates understanding,
good comprehension of
subject.
Can judge and grasp
information correctly;
conclusion quantitatively
evaluated.
Requires some assistance
to relate data to model;
able to relate to economic
scenario.
Assistance required in
order to grasp the relevant
and validity of
information; tends
make errors.
to
Cannot process results;
faulty conclusions in
spite of assistance
provided.
Presentation
Methodical, precise and
clear expression; neat
and tidy presentation;
optimum utilisation of
skills.
Work neat and tidy and
clearly presented;
methodical
appropriate techniques
used.
and
Reasonably clear but
work disorganised in
places; writing untidy
in places.
Marks
4 marks
for each
criterion
3 marks
for each
criterion
2 marks
for each
criterion
Sequence of work 1 mark for
acceptable but not very
neat; poor presentation.
Data
untidy
disorganised; effort and
initiative lacking.
presentation
and
each
criterion
0 marks
for each
criterion
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