Economics Applications Notes Class 10

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Elementary Theory of Demand

Demand for a good refers to the desire to buy a good backed with sufficient purchasing power and the willingness to spend. Individual demand for a commodity is the quantity of a commodity that an individual household is willing to buy at a particular price during a specific period.

Factors of Production

Factors that are used to carry out the process of production are called factors of production. In the modern economy, economists classified these factors into two categories.

Meaning and Functions of Money

Money is a thing that is commonly accepted as a medium of exchange. Money is an instrument that serves as a medium of exchange, a measure of value, a store of value, and a standard for deferred payments.

Central Banking

A Central Bank is the apex bank that controls the entire banking system of a country. It has the sole authority to issue notes in that country. It also acts as a banker to the government and controls the supply of money in the country.

Elasticity of Demand

The elasticity of demand measures the responsiveness of the quantity demanded of a good to a change in its price, price of other goods, and changes in the consumer’s income.

Nature and Structure of Markets

A market structure refers to the number of firms operating in the industry, the nature of competition between them, and the nature of the product.


Inflation is a sustained increase in aggregate price levels. It refers to a state of rising prices and not a state of high prices. The types of inflation observed in an economy are dependent on the rate of increase in the price levels.

Theory of Supply

The supply of a commodity is the quantity of the commodity that producers desire to sell to consumers. Thus, it is the desired flow. It indicates how much firms are willing to sell per period of time and not how much they actually sell.

Commercial Bank

A commercial bank is a financial institution that provides services such as accepting deposits, giving business loans, mortgage lending, and basic investment products such as savings accounts and certificates of deposit.

The State and Economic Development

The state plays an important role in the development of an economy by generating employment for the poor and promoting their social welfare.

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