ICSE Syllabus Class 10 Economics

ICSE Syllabus Class 10 Economics 

The ICSE board examination for Class 10 will be conducted by the CISCE (Council for the Indian School Certificate Examination). The curriculum of the ICSE board provides practical knowledge of every subject to enhance the analytical skills of students. The structure of the ICSE syllabus Class 10 Economics requires students to look beyond textbooks, venture into their practical labs, and gain hands-on experience and insight into textual concepts learned in the classroom rather than just cramming them. 

The Economics subject equips students to make better decisions and understand complex markets. It influences our daily life and plays a significant role in the functioning of society. ICSE syllabus Class 10 Economics helps students to understand the various aspects of the subject. To get detailed information about the subject, students must refer to the Economics syllabus in class 10. 

Students can get free access to the ICSE syllabus Class 10 Economics on the Extramarks web portal. It streamlines important content of the subject and helps students gain academic success. The Extramarks class 10 Economics syllabus prepares the students thoroughly for the school exams and the national-level competitive examinations. 

In the board exam pattern for this academic year, the marking scheme for ICSE Economics class 10 will be 80% and 20% for external marks and internal marks, respectively. The total marks for any subject will be given on the basis of the aggregate of both marks, i.e. Theory and practical papers. Extramarks provides the latest and updated syllabus based on the ICSE & ISC board to aid students in preparing for their examinations. Students may refer to the article below to learn more about the ICSE syllabus Class 10 Economics for 2023-2024. 

ICSE Syllabus Class 10 Economics 2023-24

Students can check the different chapters included in the ICSE syllabus class 10 Economics provided in the table mentioned below: 

Sr. No.  Chapters 
1. Market
2. Factors of production 
3. Elementary Theory of Demand
4. Elasticity of Demand
5. Theory of Supply
6. Meaning and Scope of Public Finance
7. Public Revenue
8. Public Expenditure
9. Public Debt
10. Meaning and Functions of Money
11. Inflation
12. Commercial Banking
13. Central Banking
14. Consumer Awareness


The class 10 Economics syllabus is divided into five units. Here is a unit-wise detailed breakup of all chapters: 

Unit 1: Demand and Supply: Basic Concepts

This module includes a basic understanding of different concepts related to Demand and Supply. The Law of demand and supply, along with its curve, determinants and exceptions, is explained. Students will understand the topic of elasticity of demand and elasticity of supply along with its types, percentage, method of measuring, and factors affecting it. This unit in the ICSE Syllabus Class 10 Economics also explains the concept of price elasticity using the percentage method. Certain examples are mentioned wherever necessary for easy understanding. 

Unit 2: Factors of Production: Basic Concepts 

This unit in ICSE Economics class 10 is based on the productive mechanism. The impact of the factors of production such as land, labor, capital, and entrepreneurship on economic development is very well explained. This module also includes each factor’s characteristics, functions, and importance. 

Unit 3: Alternative Market Structures: Basic Concepts

The nature and structure of the market are explained in this section. This module explains the types of markets, such as Perfectly competitive and Monopoly markets, and their differences. Topics based on Monopolistic competition and the concept of product differentiation are covered in this unit of the ICSE Syllabus Class 10 Economics. A brief understanding of the Monopsony market and Oligopoly with some examples is also provided.

Unit 4: The State and Economic Development

This module in the ICSE Syllabus Class 10 Economics is based on the role of the state in development. The instruments of state intervention, such as the fiscal and monetary policy, are included. This section gives knowledge about the public sector enterprises along with their roles and, problems faced, issues of the private and public sector firms. It also discusses the Indian economy and the meaning, merits and demerits of direct and indirect taxes. Types of taxes, such as progressive tax, regressive tax, and proportional tax, along with examples, are highlighted in this unit. 

Unit 5: Money and Banking: Basic Concepts

This module in the ICSE syllabus Class 10 Economics gives a brief explanation of all concepts based on Money and its functions. The meaning of inflation, its types like Creeping, Walking, Running and Hyper-inflation, and its effects on the functioning of the economy is an important concept that is explained in a detailed manner. Furthermore, the functions of Commercial banks and the Central bank, along with different types of deposits, loans and credit creation, are discussed in this unit. Information about the quantitative and qualitative measures is also explained. 

In addition to ICSE syllabus class 10 Economics, to find different study materials from Extramarks, including important questions, sample question papers, revision notes and more, click here

ICSE 10 Economics paper pattern

It is important for students to know the Economics syllabus for class 10 ICSE, the marking system, and the paper pattern before the exam preparation. Extramarks provides the exam paper pattern of Economics for the academic year 2023-2024. With the help of the ICSE syllabus Class 10 Economics, students can get a comprehensive idea of the basic concepts of the subject. 

The economic paper is of a total of 100 marks. There are two papers: Theory and Practicals. Students are evaluated on the total marks scored on both these papers. 

The theory paper is conducted by the ICSE Board with a total of 80 Marks. Students get 2 hours of time to solve this paper. There are two sections in the theory paper. Section 1 consists of objectives and short answer questions of a total of 40 marks. This section includes all compulsory questions, and so students have to attempt all the questions. The second part of the theory paper includes brief and long answer questions. Students will score a maximum of 40 marks for attempting any four questions from six. This section asks students to give reasons, write short notes, distinguish between two concepts and explain. 

The ICSE Board-affiliated schools conduct the Internal Assessment paper for all Class 10 board aspirants. Students have to perform the practicals based on the theoretical concepts included in the ICSE syllabus Class 10 Economics. Twenty marks are allotted to Part B of the Economics paper. 

ICSE Syllabus Class 10 Economics – Weightage

The marks for Economics syllabus class 10 are allotted on the basis of the chapters. The chapter-wise weightage for the Class 10 Board examinations is given in the table below:

Sr. No.  Chapters  MARKS 

(Section A)


(Section B)

1. Market 10 15
2. Factors of production 
3. Elementary Theory of Demand 12 5
4. Elasticity of Demand
5. Theory of Supply
6. Meaning and Scope of Public Finance 4 5
7. Public Revenue 4 5
8. Public Expenditure 4
9. Public Debt 5
10. Meaning and Functions of Money 5
11. Inflation 10
12. Commercial Banking 4
13. Central Banking 10
14. Consumer Awareness 6

ICSE 10 Economics: Study materials

To acquire knowledge and develop an in-depth understanding of the subject, students must refer to the ICSE syllabus Class 10 Economics and other study materials provided by the team of Elites at Extramarks. With the help of these ICSE Solutions, they can quickly glance through important topics and concepts. These ICSE revision notes are made lucidly on the basis of the ISC & ICSE syllabus to enhance the learning process. Key points, summaries, and examples are included in the study materials to help students ace their ICSE exams. Links to these study materials are given below. 

Get free access to academic notes from Extramarks: 

ICSE Solutions

ICSE Revision Notes

ICSE Important Questions 

ICSE Question Paper

ICSE Sample Question Papers

Benefits Of Studying From ICSE Syllabus Class 10 Economics 

The benefits of referring to Extramarks ICSE class 10 economics syllabus while studying are as follows

  • The syllabus provides accurate details and is based on the latest guidelines by the ICSE Board.
  • Students will learn about important business-related Concepts and understand the action, decisions and interactions between enterprises and the government.
  • The ICSE syllabus Class 10 Economics gives a clear idea of all important concepts and topics that students must focus on for a productive learning process.
  •  It will help students plan an organised timetable to study and cover the entire syllabus easily. 
  • The syllabus provides a helping guide and acts as a quick reference as it includes important key points and a summary of all chapters. 

Click here to access the Extramarks study materials based on the ICSE syllabus class 10 Economics. Students should also solve sample papers and mock tests. 

ICSE Economics Class 10 Syllabus

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.

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FAQs (Frequently Asked Questions)

1. What are the best reference books for Class 10 Economics?

Students must use the ICSE syllabus Class 10 Economics and different reference books to prepare for the Class 10 board exams. With in-depth information about Economics concepts, the books help lay a strong foundation for higher-level studies. Students must use the books to enrich their knowledge. We have enlisted some of the best Class 10 Economics reference books. 

  • A Textbook of Economics Application for Class 10 by Sultan Chand
  • A Textbook of ICSE Economics for Class 10 by Goyal Brothers
  • All In One Class 10 Economics by Arihant publications
  • Frank Brothers Certificate Economics Applications for Class 10


2. Where can I get the latest ICSE syllabus for class 10 Economics?

Students can get the updated and revised ICSE syllabus class 10 Economics on the Extramarks online learning platform. The syllabus includes a detailed breakup of topics and important key points of every chapter. Students will also know the marking scheme and pattern of the exam.