Economics Notes Class 10

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Commercial Banks

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

Elasticity of Demand

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

Public Revenue

Public revenue refers to the income or earnings of the government of any country. It is very significant for financing developmental programmes such as the construction of roads, railways, schools and hospitals. Read more

Meaning and Functions of Money

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

Central Banking

A Central Bank is the apex bank which 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. Read more

Factors of Production

Factors which 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. Read more

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. Read more

Public Expenditure

Public expenditure is the expenditure incurred by the government of any nation. Any government incurs a large amount of expenditure for the welfare of the nation, for activities such as the development of roadways, education, irrigation systems and maintaining law and order. Read more


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. Read more

Consumer Awareness

Consumers’ consciousness of their rights and duties is known as consumer awareness. Consumers should be aware of their rights to ensure proper standards of goods and services they purchase. Read more

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. Read more

Meaning and Scope of Public Finance

Professor Dalton defined public finance as being connected with the income and expenditure of public authorities, with the adjustment of one to another. Tax revenue and non-tax revenue are the two sources of income. Read more

What is Public Debt?

When the planned expenditure of the government exceeds its total revenue, the government needs to borrow money from individuals and organizations. This is called public debt. Read more

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