Grade 10

Demand and Supply: Basic Concepts

(i) 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.
(ii) Elasticity of demand: meaning, types; methods of measuring elasticity of demand; factors affecting elasticity of demand; importance of the concept of the elasticity of demand.

Factors of Production: Basic Concepts

Land: meaning and characteristics, functions and its importance; factors affecting productivity of land. 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;
capital formation: meaning, factors affecting capital formation; Entrepreneur: meaning, functions and role of entrepreneurs in economic development.

Alternative Market Structures: Basic Concepts

Nature and structure of markets: Perfectly competitive market – main features; Monopoly market - main features; Monopolistically competitive market – main features and the concept of product differentiation; Monopsony market – main features.
The State and Economic Development

The role of State in promoting development; the instruments of State intervention- fiscal policy, monetary policy and wage policy; the public sector enterprises - their role and problems; the issue of privatization of public enterprises.

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 RB.