Question

Distinguish between.
Slicing Method and Lumping Method

Answer 1

SLICING METHOD: This is used in Microeconomics. This is because it divides the economy in slices, parts or individual units for the purpose of in-depth study. And hence the name slicing method.

LUMPING METHOD: This is used in Macroeconomics. This is because it combines or lumps the entire economy and then study it, hence it’s called lumping method.