Distinguish between the following

Slicing method and Lumping method

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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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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.