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ECONOMIC APPLICATIONS (87)

Aims: 3. To provide students with hands-on-experience in


analyzing economic problems that they normally
1. To familiarize students with the basic concepts
come across.
of economics and economic phenomenon.
2. To develop their analytical skills.
CLASS IX

There will be one theory paper of two hours duration developing economy; Capitalistic, Socialistic,
of 100 marks and Internal Assessment of 100 marks. Mixed economies- main features.
The paper will consist of Part I and Part II. A basic understanding of the features of
Part I (compulsory) will contain short answer capitalistic, socialistic and mixed economies
questions on the entire syllabus. is required. Meaning and classification of
economies into developing and developed
Part II will consist of questions that will require
should be explained.
detailed answers. There will be a choice of questions.
2. An Overview of Indian Economy
THEORY – 100 Marks
The nature of Indian economy: the main sectors of
1. Basic Concepts of Economics
Indian economy - Agriculture, Industry and
(i) Meaning and definition of Economics; Services. Role of these sectors in Indian economy
Economic entities: Consumer, Producer, and their interrelationship. The sectors according
Households and Government. The importance to ownership- private and public; the sectors
of these economic entities. The meaning of an according to type of economy- rural and urban.
economy and role of the economic entities. Role of agriculture in India and its problems.
A basic understanding of the concepts of Impact of Agricultural practices on the
economics. The definitions of economics with Ecosystem.
reference to allocation of resources and
scarcity of resources (Robbins, Samuelson). Construction of dams- loss of habitat species.
Basic explanation of the role of consumer, Loss of top soil and desertification.
producer, government and households in an
economy. Indiscriminate use of fertilizers and pesticides.
(ii) Three major problems of an economy: What Measures to check the ecosystem;
to produce? How to produce? For whom to Governmental initiatives: not building large dams
produce? Efficient use of resources; basic for generating hydro electric power which leads
understanding of the terms: economic growth to less land being submerged and less
and economic development displacement of people.
A brief introduction to the basic problems of Alternative cropping for checking loss of topsoil
an economy - What to produce? How to and desertification. Plantation and conservation
produce? For whom to produce? needs to be of grasslands to check soil erosion. Use of
emphasized irrespective of the type of an manure, bio-fertilizers and bio-pesticides green
economy. Manner in which economics as a manuring, compost. These are eco-friendly
subject helps us to allocate scarce resources alternatives to pesticides and fertilizers.
in an efficient way needs to be explained. The
concept of economic growth and economic Role of Industries in the Indian Economy.
development should be explained. Impact of industrial practices on the ecosystem.
(iii) The nature and the classification of an
economy: developed, underdeveloped and
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Mining, industries, energy generation, Understanding the importance of educating
automobiles, urbanisation leading to defacement consumers of their rights - awareness of food
of land, deforestation, deterioration of adulteration and its harmful effects.
hydrological resources.
5. Globalization
Industrial waste: mining operations, cement
factories, oil refineries, construction unit. Meaning and factors enabling Globalization,
WTO, impact of Globalization.
Spoilage of landscape, pollution, health hazards,
effect on terrestrial, aquatic (fresh water and Meaning of globalization. Factors enabling
marine) life. globalization – technology and liberalization
(removal of trade barriers).
Measures to check the ecosystem.
WTO (main objectives), favourable impacts of the
Improving efficiency of existing technologies and globalization – starting of MNC’s and benefits to
introducing new eco-friendly technologies. Indian companies.
Methods of safe disposal of waste - segregation,
NOTE: IT IS SUGGESTED THAT CASE
dumping, composting, drainage, treatment of
STUDIES MAY BE DISCUSSED ON THE
effluents before discharge.
FOLLOWING TOPICS-
Abatement of pollution.
 Globalization
Air: setting standards and implementing them,  Consumer Awareness
using technical devices to reduce pollution.  Bhopal Gas Tragedy
Importance of Service Sector – National Income,  Chernobyl Disaster
Employment and Regional Development (in brief,
no statistical data required). Interdependence of
all three sectors (Primary, Secondary and INTERNAL ASSESSMENT – 100 Marks
Tertiary). Candidates will be required to do a minimum of four
Meaning of Private and Public sector with assignments during the year, as assigned by the
examples. Meaning of Rural and Urban sector teacher.
with examples.
Suggested list of assignments:
3. Infrastructure of the Indian Economy
Economic and social infrastructure of Indian 1. Identify 100 consumers of major brands of edible
economy. Social infrastructure- education, health, oils in a locality/ area where you live. Draw up the
family welfare and housing. pattern of their monthly expenditure on this
product and compare it with the other household
A basic understanding of the economic and social expenditure. Make a presentation of your findings
infrastructure and its role in India’s economic in class.
development. The problems pertaining to lack of
such infrastructure and their adverse impact on 2. Identify the major brands of bathing soaps that are
the economy to be discussed. available in the market in your area. Select a
sample of 10 shops/ department stores that sell
4. Consumer Awareness these brands and collect the sales of these brands
over a period of one week at these shops. Identify
Ways in which consumer is exploited. Reasons for the brands that sell the most and make a
exploitation of consumers; Growth of consumer presentation for your class.
awareness; consumer behaviour in the market;
3. Make a presentation on the central problems an
consumer rights. Legal measures available to
economy faces. Explain these with reference to
protect consumers from being exploited –
the Indian economy.
(COPRA, RTI).

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4. Take a developed country such as the USA and a 7. Given a table of population growth for period
developing country such as India. Analyze the between 1971 and 2001 and table of contribution
main characteristics of these economies. of agriculture, industry and services sector for the
5. Outline the main modes of transport in the same period, compare the two tables and present
district/city you live. What problems do you and your findings in the form of a presentation.
other citizens face pertaining to the availability of 8. Make a presentation of the major trading partners
public transport? Analyze. of India in the last 15 years. Specify the major
6. Take a table of food grain production in India changes that have taken place in the last five
from any textbook on Indian economy or any years.
other secondary source such as internet. Interpret 9. What are the major items of export and imports
the changes in the production over a given period from India in the last five years? Use secondary
of time. data sources and make out the changes that have
taken place in this context.

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CLASS X

There will be one theory paper of two hours duration Land- meaning and characteristics, functions and
of 100 marks and Internal Assessment of 100 marks. its importance, factors affecting productivity of
land.
The paper will consist of Part I and Part II.
Destruction of ecosystem due to changing patterns
Part I (compulsory) will contain short answer of land use, migration, industrialization, shifting
questions on the entire syllabus. cultivation, dwelling units, mining, urbanization,
construction of dams, etc.
Part II will consist of questions that will require
Labour- meaning and characteristics. Division of
detailed answers. There will be a choice of questions.
labour - meaning, types, advantages and
disadvantages. Efficiency of labour- meaning,
THEORY – 100 Marks reasons for low efficiency of Indian labour.
1. Demand And Supply: Basic Concepts Capital - meaning, types and characteristics.
Demand - Meaning and Types of Demand Capital formation - meaning, factors affecting
capital formation.
Supply - Meaning
Entrepreneur - meaning, functions and role of
Law of demand and supply: demand and supply entrepreneurs in economic development.
schedule and curve (both individual and market);
3. Alternative Market Structures: Basic Concepts
movement and shift of the demand and supply
curve; determinants of demand and supply; Nature and structure of markets- Perfectly
exceptions to the law of demand. competitive market, Monopoly market,
Monopolistically competitive market, concept of
Meaning of Demand and Supply. Types of
product differentiation, Monopsony market.
Demand (Joint Demand, Derived Demand and
Composite Demand). The main features of the following market
structures are to be discussed in the context of
A basic understanding of the law of demand and
present business scenario–
supply in which demand and supply schedules are
to be used to explain the demand and supply Perfectly competitive market, Monopoly market,
curves. The individual demand and supply curves Monopolistically competitive market,
must be distinguished from market demand and Monopsony market (meaning to be highlighted).
supply curves. Determinants of demand and
supply are to be specified. Exceptions to the law 4. The State and Economic Development
of demand are to be discussed. The role of State in promoting development; the
Elasticity of demand and elasticity of supply instruments of State intervention- fiscal policy and
Meaning, types; percentage, method of measuring monetary policy; The Public sector enterprises -
elasticity of demand and elasticity of supply, their role and problems; the issue of privatization
Factors affecting elasticity of demand and of public enterprises.
elasticity of supply.
A basic understanding of the role of the State in
The concept of price elasticity of demand and the economy needs to be highlighted in the context
supply are to be explained with percentage of Indian economy. The meaning of fiscal policy.
method. The factors affecting the elasticity of Direct and Indirect Taxes (meaning, merits and
demand and supply are to be specified. (Simple
demerits), Types of Taxes (progressive,
numericals should be taught)
regressive, proportional and degressive- meaning
2. Factors of Production: Basic Concepts with examples). Monetary Policy – meaning only.
Factors of production- Land, Labour, Capital and Public sector - its role and problems. Reasons for
Entrepreneur. Privatization.
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5. Money and Banking: Basic Concepts 4. Take a case of public enterprise which is about to
be privatized or has been recently privatized.
Money: meaning, functions of Money; Inflation -
Analyze the pros and cons of such an exercise
meaning, effects of inflation on the functioning of undertaken by the government. (The case of
the economy (in brief). Banking: Commercial VSNL or BALCO can be taken up).
Banks - functions; Central Bank - functions;
quantitative and qualitative credit control 5. Take a case of a nationalized bank – visit any one
measures adopted by RBI. of its branches in your city. Analyze the main
functions of this bank’s branch. Make a
A basic understanding of the concepts of money, presentation to this effect.
its functions. Meaning and types of inflation to be
discussed (Creeping, Walking, Running and 6. Recently rates of interests have been reduced on
Hyper-inflation). The impact of inflation on all the saving instruments. Carry out a survey of
various economic entities such as debtors and 30 people in your area as to what is their reaction
creditors, fixed income groups and producers are to this cut. The sample may consist of salaried
to be explained very briefly. Functions of people, business people and professionals.
commercial banks and functions of RBI - 7. Take a case of five FMCGs – fast moving
qualitative and quantitative controls used by the consumer goods - bathing soaps, toothpastes,
RBI as part of its credit control measures should facial creams, shampoos, ball pens. Analyze as to
be explained. how the market for these products is characterized
by product differentiation.
NOTE: IT IS SUGGESTED THAT CASE
STUDIES MAY BE DISCUSSED ON THE 8. Take the case of a company and analyze the
FOLLOWING TOPICS- production process in which all the factors that
you studied in your class, are used by the
 Factors of Production company to produce a product.
 Banking
 Inflation
EVALUATION
INTERNAL ASSESSMENT – 100 Marks The project work is to be evaluated by the subject
teacher and by an External Examiner. The External
Candidates will be required to do a minimum of four Examiner shall be nominated by the Head of the
assignments during the year, as assigned by the school and may be a teacher from the faculty, but not
teacher. teaching the subject in the relevant section/class.
For example, a teacher of Economics of Class XI may
Suggested list of assignments: be deputed to be the External Examiner for Class X
Economic Applications project work.
1. Take a fast moving consumer good (FMCG) like
washing machine detergent. Analyze the factors
that determine the demand of this product. Present The Internal Examiner and the External Examiner will
your findings in form of a class presentation. assess the candidate’s work independently.
2. Develop a hypothetical table of information for
coffee that shows quantity demanded at various Award of marks (100 marks)
prices and supply of coffee at these prices. Draw a
demand curve and supply curve and show an Subject Teacher (Internal Examiner) : 50 marks
equilibrium price at which market is cleared of its External Examiner : 50 marks
supplies.
The total marks obtained out of 100 are to be sent to
3. Make a list of products for which you think the Council by the Head of the School.
demand is price inelastic and price elastic. Specify
the reasons you may think relevant for your The Head of the School will be responsible for the
analysis. entry of marks on the mark sheets provided by the
Council.

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INTERNAL ASSESSMENT IN ECONOMIC APPLICATIONS - PROPOSED GUIDELINES FOR MARKING WITH GRADES
Criteria Preparation Procedure Observation Inference Presentation Marks
Grade I Excellent choice of Originality and relevance; Systematic record of data; Information fitted Methodical, precise and 4 marks
firm, appropriate to creative, rational and good arrangement of data; correctly to model; work clear expression; neat for each
project; clear structured thinking; independent market indicates understanding, and tidy presentation; criterion
identification of aspect effective model; good survey; creative good comprehension of optimum utilisation of
to study; good research. questionnaire. representation. subject. skills.

Grade II Relevant choice of Originality and structured Able to record data, but Can judge and grasp Work neat and tidy and 3 marks
firm; identified aspect thinking; adequate not step-by-step; able to information correctly; clearly presented; for each
to study; adequate framing of questions; grasp information; conclusion quantitatively methodical and criterion
research. good insight. independent market evaluated. appropriate techniques
survey. used.

Grade III Adequate choice of Records information Assistance required in Requires some assistance Reasonably clear but 2 marks
firm; some idea of what correctly but lacks presenting, recording and to relate data to model; work disorganised in for each
to study; some originality; independent arranging data; can able to relate to economic places; writing untidy in criterion
information gathered. framing of questions. conduct market survey. scenario. places.

Grade IV Firm selected but Unable to form a correct Tends to make mistakes in Assistance required in Sequence of work 1 mark for
continuous assistance model; requires assistance organising data; some order to grasp the relevant acceptable but not very each
required for collection to prepare questionnaire. ability to conduct market and validity of neat; poor presentation. criterion
of information. survey. information; tends to
make errors.

Grade V Lack of perception of Not able to comprehend Faulty survey and Cannot process results; Data presentation untidy 0 marks
the subject and concept of a model; mistakes in data; not able faulty conclusions in spite and disorganised; effort for each
objective; lack of unable to prepare to proceed even with of assistance provided. and initiative lacking. criterion
effort. questionnaire even with assistance.
assistance.

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