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Question
Distinguish between the following
Slicing method and Lumping method
Solution
| Basis of Difference | Slicing Method | Lumping Method |
| 1. Process | It splits up the entire economy into small individual units. | It splits up the entire economy into big lumps (sectors). |
| 2. Used in | It is used in microeconomics for intensive study. | It is used in macroeconomics for intensive study. |
| 3. Variables used in the method | It uses micro variables, for example, individual income and individual output. | It uses macro variables, for example, aggregate output and national income. |
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