ECON 1P92 Key Terms

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Economics

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25 Terms

1

Economics

The study of how people allocate limited resources

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2

Science

Is the attempt to empirically falsify theories about the world

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3

Deductive Reasoning

Universal Statement —> Particular Statement

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4

Inductive Reasoning

Particular Statement —> Universal Statement

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5

An argument consists of:

Premises and Conclusions

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6

Premise

Statements assumed to be true

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7

Conclusions

Statements desired from premises

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8

Sound Argument

A valid argument with true premises

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9

Logical Fallacy

Type of invalid argument

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10

Logical Fallacy - Ad Hominem

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

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11

Logical Fallacy - Ad Populum

Appeal to popularity instead of logic

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12

Logical Fallacy - Appeal to Emotion

Using emotion instead of logic

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13

Logical Fallacy - Appeal to Authority or Experts

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

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14

Logical Fallacy - Straw Man

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

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15

Logical Fallacy - Red Herring

An attempt to redirect the conversation away from its original topic

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16

Logical Fallacy - Genetic Fallacy

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

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17

Logical Fallacy - Post Hoc Ergo Propter Hoc

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

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18

Logical Fallacy - Begging the Question

An argument’s premises assume the truth of the conclusion

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19

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

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20

Logical Fallacy - Appeal to Tradition

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

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21

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

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22

Statistical Fallacy - Overgeneralization

Making a claim based on evidence that is just too small

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23

Statistical Fallacy - Correlation Implies Causation

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

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24

Statistical Fallacy - Base Rate Fallacy

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

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25

Statistical Fallacy - Berkson’s Paradox

Finding a conclusion about something that isn’t necessarily true

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