Grade 10

The Productive Mechanism
Factors of production:
(i) Land: meaning and characteristics, functions and its importance; factors affecting productivity of land.
(ii) Labour: meaning and characteristics; division of labour: meaning, types, advantages and disadvantages; efficiency of labour; meaning, reasons for low efficiency of Indian labour.
(iii) Capital: meaning, types and characteristics; Capital Formation; meaning, factors affecting capital formation; reasons for slow growth rate of capital formation.
(iv) Entrepreneur: meaning, functions and role of entrepreneur in economic development.

Theory of Demand and Supply
(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.

Public Finance
(i) Meaning and scope of Public Finance; Public Revenue; Taxes, types: direct and indirect taxes with their merits and demerits; Progressive, Proportional, Regressive and Degressive taxes (only meaning).
(ii) Public Expenditure: meaning, types; reasons for growth of public expenditure in recent times.
(iii) Public Debt: meaning, types, role of public debt .

Money and Banking
(i) Money: meaning, functions of Money; Inflation: meaning, types: cost-push, demand pull, creeping, walking, running and hyper inflation: effects of these on the functioning of the economy (in brief).
(ii) Banking: Commercial Banks: functions; credit creation (in brief); Nationalisation v/s. Privatisation of Banks. Central Bank: functions; Quantitative and Qualitative credit control measures adopted by RB.

Economic Planning
(i) Meaning, objectives of Economic Planning, need and strategies.
(ii) Economic development under fixed Year Plans