ICSE Syllabus Class 10 Economic Applications

Introduction to ICSE Syllabus Class 10 Economic Applications

Students will clearly understand the topics, examination patterns, and assessment patterns by referring to the ICSE Syllabus Class 10 Economic Applications created by Extramarks. The ICSE Syllabus Class 10 Economic Applications work as a study guide for students preparing for its examination.

The ICSE Syllabus Class 10 Economic Applications are essential for students to study and learn as it provides the groundwork required for other more complex sections. Before starting the academic year, it is crucial to know the topics of all the subjects. This will give you enough understanding of the preparation schedules you need to maintain during this academic session.

ICSE Syllabus Class 10 Economic Applications: Overview

The ICSE Syllabus Class 10 Economic Applications crafted by experienced professors at Extramarks is meant to help students master their examinations. Economics can get tricky if students do not understand the previous theoretical topics that led to the Syllabus they will be studying now. They can use the curriculum provided by the Extramarks to prepare for the coursework in a better way.

ICSE Syllabus Class 10 Economic Applications: Semesters 1 & 2

Students need to understand different aspects of the Economic Applications ICSE Class 10 Syllabus, such as various concepts and topics. Extramarks created this ICSE Syllabus Class 10 Economic Applications to provide students with a better outlook so as to let them know what they have to prepare for. 

As per the ICSE Board, there are a total of five modules which have been listed below:

                Semester 1 

                (Marks: 40)

                  Semester 2 

                  (Marks: 40)

Unit No. Name of the Unit Unit No. Name of the Unit
1. Demand and Supply: The Basic Concepts (Complete Unit) 4. The State and Economic Development (Complete Unit)
2. Factors of Production: The Basic Concepts (Complete Unit) 5. Money and Banking: The Basic Concepts (Complete Unit)0
3. Alternative Market Structures: The Basic Concepts (Complete Unit)

A brief description of the ICSE Class 10 Economics reduced Syllabus for the Year 2023:


  • Meaning and type of Markets: Perfect competition, Monopoly, Monopolistic Competition, Oligopoly with various examples; a simple knowledge of the features of the different kinds of markets along with their differences.

Theory of Demand and Supply:

  • Meaning and concept of Demand and Supply.
  • Determinants of demand and supply
  • The basic concept of demand
  • Types of supply-demand. 


  • Inflation, (WPI) wholesale price index, (CPI)consumer price index and Food Basket.
  • Phases of Inflation: Creeping, Walking, Running and Hyper meaning.
  • Forms of Inflation: Cost-push inflation and demand-pull inflation.
  • Meaning, difference and causes only (diagrams are not required). Positive side and adverse effects of inflation on production. Its impact on fixed-income groups and business income groups.

Consumer Awareness:

  • Consumer exploitation and consumer awareness: Its meaning; is a simple understanding of the forms of consumer exploitation, reasons for exploitation in India, and Consumer Awareness.
  • Consumer Rights & Duties. A simple knowledge of the above. COPRA – meaning and its features; RTI – meaning and importance.
  • Food adulteration and its harmful effects.
  • Technical and Administrative Measures for Consumer Protection:
  • A simple understanding of the Public Distribution System, Bureau of Indian Standards, AGMARK and ECO MARK.

The Productive Mechanism:

  • Factors of production: land, labour, capital and entrepreneurship: their impact on the production and growth structure in an Indian economy.
  • Land: meaning, characteristics, and productivity of land – factors that affect land productivity.
  • Labour: characteristics; division of labour, its type and advantages; efficiency of labour; reasons for low productivity of Indian labour.
  • Capital: characteristics and types: physical and financial; Capital Formation; Process of capital formation and need for capital formation;
  • Entrepreneurship: its meaning, functions and role of the entrepreneur in economic development.

Banking in India:

  • Money: a basic understanding of the problems of the exchange of goods and the expansion of funds; legal explanation of money; its functions and medium of business, a measure of value; standard of deferred payment and store of value.
  • Commercial banks: Meaning and functions. Collecting deposits (a brief understanding of the types of deposits); Advancing loans and Credit creation 
  • Central Bank: Meaning and functions, monopoly of note issue; banker, agent and advisors to the Government officials; Custodian of overseas Exchange; Lender of the Last Resort: A brief understanding of the functions.
  • Demonetisation: A simple understanding.
  • Public Finance: Meaning of Public Finance; Sources of Public Revenue.
  • Tax Revenue. Direct Tax; Indirect Tax; the difference between direct and indirect taxes. 
  • GST- Meaning and objectives; progressive, proportional, regressive and degressive taxes.
  • Non-tax revenue with examples.
  • Public Expenditure: Meaning, Revenue and Capital expenditure with examples; reason for the growth of general expenses in India.
  • Public Debt: Meaning and types.

ICSE Syllabus Class 10 Economic Applications: Internal Assessments

The nominal number of assignments: One project/assignment as described by the lecturer from the Subject.

Suggested Assignments:

  1. Students must visit a local industrial unit and inspect the combination of the factors of production being used in the production process.
  2. Survey 15 people from the surrounding area and the types of taxes they pay. From the survey, they must conclude which form of taxation is easier to produce and why.
  3. Students must visit the nearby store and select five products for daily consumption. They must study the following:
  • The impact of GST on these five items
  • How this will impact the demand for these products
  • How it has benefitted the producer, consumer and the government.

ICSE Syllabus Class 10 Economic Applications: Examination Pattern

Students in ICSE Class 10 would only have to take one two-hour examination on the Subject of Economics.

  1. Examination Theory Paper – 80 Marks 
  2. Examination Internal Assessment – 20 Marks 

The theory paper will be divided into two sections, as shown below.

Paper Section Topics Included
Section A It consists of questions that are required to answer short answers and cover the complete Syllabus. There will be no alternate choice of questions in this section.
Section B Consist of questions that require explanations in detailed answers. There will be a choice, and students must answer four questions from this section.

ICSE Class 10 Economic Applications Syllabus: Study Material 

With the use of study materials created by Extramarks, students will be able to compare the topics they will be studying. This will help them understand different economic situations such as financial crises, inflation, or how overseas direct investments help assist a country. Students will gain many logical skills that they will soon need to relate with the theoretical idea in their future Classes.

Students can avail the ICSE Syllabus Class 10 Economic Applications from the link mentioned below.

Students can access the additional study materials by clicking on the links mentioned below: 

Benefits of ICSE Syllabus Class 10 Economic Applications

The ICSE Syllabus Class 10 Economic Applications have enough benefits that give students the correct amount of subject Syllabus material to study for ICSE examinations. Students can use these notes in several ways. A few are mentioned below:

  • The subject Syllabus is up to date following ICSE announcements for 2023-2024. The Syllabus is designed per the new rule and regulations set by the Board.
  • The Syllabus streamlines the content of the ICSE curriculum. It includes information essential to achieving academic success. 
  • Students will never miss or skip over a topic if they study any subject by following this comprehensive Syllabus. This way, they will cover the complete module and know all the fundamental concepts necessary to score high.

Key Topics Covered in ICSE Syllabus Class 10 Economic Applications.

The ICSE Syllabus Class 10 Economic Applications consist of five units with topics such as Inflation, Economic Crisis, etc. 

Following are the critical topics they must study before appearing for the ICSE Class 10 Economic Applications Examination.

  • Demand and Supply – The Basic Concepts: Its Meaning, Law and elasticity.
  • Factors Affecting Production – The Basic Concepts: Factors of Production, Division of labour and Capital Formation 
  • Alternative Market Structures: Basic Concepts: Nature of markets, Structure of market, Product Differentiation and Monopsony Market.
  • State and Economic Development: Roles of state in promoting the development, Public Sector Enterprises, Fiscal and Monetary Policy, Direct and Indirect Taxes and Privatisation 
  • Money and Banking: Basic Concepts and functions of money, Commercial Banks, Inflation and Credit Control. 

Advantages of ICSE Syllabus Class 10 Economic Applications

Below mentioned are a few essential reasons why students should follow the Syllabus:

  • There are a lot of reference books in the market. Students might get confused as to which concepts to study and learn. The ICSE Syllabus Class 10 Economic Applications will clarify and help you go through the learning process in the right direction. 
  • The Syllabus guides you on building an organised structure and an effective study plan that helps them succeed on the ICSE examination.
  • The Syllabus makes learning easier. By giving you a synopsis of the Syllabus, students will be able to complete every single topic and subtopic that is essential to the subject Syllabus. 
  • The ICSE Syllabus Class 10 Economic Applications consist of a semester-wise list of units. It helps students tackle any confusion they might encounter during their academic sessions.

ICSE Syllabus Class 10 Economic Applications: Semesters 1 & 2

                Semester 1

(Marks: 40)

                  Semester 2

(Marks: 40)

Unit No. Name of the Unit Unit No. Name of the Unit
1. Demand and Supply: The Basic Concepts (Complete Unit) 4. The State and Economic Development (Complete Unit)
2. Factors of Production: The Basic Concepts (Complete Unit) 5. Money and Banking: The Basic Concepts (Complete Unit)0
3. Alternative Market Structures: The Basic Concepts (Complete Unit)

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FAQs (Frequently Asked Questions)

1. Which is the most crucial topic in the Economic Application?

The most crucial topic here is the state and economic development that gives students an awareness of the world economy. By having a basic knowledge of the real-time economic development and relating it with topics that students have understood in the Subject, they will be able to create a link for the same. This will guide them to apply the concepts in the real world and have a better grip and understanding of how the world functions. By using Extramarks notes, students can also study the subject more effectively, which can help them improve their grades.

2. Which is the most challenging topic in the Subject?

The most challenging topic is the alternative market structures. This topic introduces students to various markets and how they are self-sufficient in each other. Students will learn how few markets are cast either by the government or just one private enterprise, showing students how to control the entire market. Below mentioned are the subtopics in the chapter:

  • Nature and structure of markets.
  • Perfect market.
  • Monopoly market.
  • Concept of product differentiation.
  • Monopsony market.

3. How do I find study material for ICSE Syllabus Class 10 Economic Applications?

The study material for the ICSE Syllabus Class 10 Economic Applications is available on the Extramarks website. Students can search for Economics Applications Sample Papers, Notes, Past Years’ Question Papers, Syllabus, Important Questions, etc. Students can refer to this course material whenever and wherever needed. Students can access sample of detailed resources through Extramarks website for any subject of board or competitive examinations.