ECON 1P92 Key Terms

5.0(1)
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
Card Sorting

1/24

flashcard set

Earn XP

Description and Tags

Study Analytics
Name
Mastery
Learn
Test
Matching
Spaced

No study sessions yet.

25 Terms

1
New cards

Economics

The study of how people allocate limited resources

2
New cards

Science

Is the attempt to empirically falsify theories about the world

3
New cards

Deductive Reasoning

Universal Statement —> Particular Statement

4
New cards

Inductive Reasoning

Particular Statement —> Universal Statement

5
New cards

An argument consists of:

Premises and Conclusions

6
New cards

Premise

Statements assumed to be true

7
New cards

Conclusions

Statements desired from premises

8
New cards

Sound Argument

A valid argument with true premises

9
New cards

Logical Fallacy

Type of invalid argument

10
New cards

Logical Fallacy - Ad Hominem

When the person making the argument is attacked instead of the argument itself

11
New cards

Logical Fallacy - Ad Populum

Appeal to popularity instead of logic

12
New cards

Logical Fallacy - Appeal to Emotion

Using emotion instead of logic

13
New cards

Logical Fallacy - Appeal to Authority or Experts

Using experts opinions to make an argument instead of facts and logic

14
New cards

Logical Fallacy - Straw Man

When you twist your opponents words into something that they did not mean, and which is easy to argue against

15
New cards

Logical Fallacy - Red Herring

An attempt to redirect the conversation away from its original topic

16
New cards

Logical Fallacy - Genetic Fallacy

Is the act of rejecting or accepting an argument on the basis of its origin rather than its content

17
New cards

Logical Fallacy - Post Hoc Ergo Propter Hoc

Assuming that one thing caused another merely because the first thing preceded the other

18
New cards

Logical Fallacy - Begging the Question

An argument’s premises assume the truth of the conclusion

19
New cards

Logical Fallacy - Appeal to Novelty

In which one prematurely claims that an idea or proposal is correct or superior, exclusively because it is a new and modern

20
New cards

Logical Fallacy - Appeal to Tradition

To ignore the evidence that we should change something because we have been doing something for a long time

21
New cards

Statistical Fallacy - Biased Samples

Drawing a conclusion about a population based on a sample that is biased, or chosen in order to make it appear the population on average is different than it actually is

22
New cards

Statistical Fallacy - Overgeneralization

Making a claim based on evidence that is just too small

23
New cards

Statistical Fallacy - Correlation Implies Causation

In which two events occurring together are taken to have established a cause-and-effect relationship

24
New cards

Statistical Fallacy - Base Rate Fallacy

The tendency to ignore relevant statistical information in favour of case-specific information

25
New cards

Statistical Fallacy - Berkson’s Paradox

Finding a conclusion about something that isn’t necessarily true