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Essay / Research Paper Abstract
This 6 page paper begins with an overview of fallacious arguments, including explanations of deductive and inductive reasoning and common fallacies in syllogism and rhetoric. The writer then provides an example of three common fallacies in financial analysis methods. The writer then discusses how and why critical thinking processes must be used when making decisions. Bibliography lists 4 sources.
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6 pages (~225 words per page)
File: MM12_PGfall.rtf
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(The Center for Informed Decision Making, 1998). Logic is about arguments in which premises are offered so as to make a conclusion (The Center for Informed Decision Making, 1998). Two
types of reasoning are available in logic, inductive reasoning and deductive reasoning (The Center for Informed Decision Making, 1998). Inductive reasoning begins with and uses specific facts to draw a
conclusion that is general in nature while deductive reasoning begins with more general premises with the purpose of making specific rather than general conclusions (The Center for Informed Decision Making,
1998). The inductive argument conclusion is a probability only, not a certainty (The Center for Informed Decision Making, 1998). In other words, the conclusion may or may not be
true, it is a probability, which is why the words "some," "many," and/or "most" are found in the premises offered for the conclusion (The Center for Informed Decision Making, 1998).
Deductive arguments, by contrast, result in a definitive conclusion (The Center for Informed Decision Making, 1998). This is based on the premises being absolutely true (The Center for Informed Decision
Making, 1998). If the conclusion is not true, one or more of the premises is false (The Center for Informed Decision Making, 1998). Thus, if the premises are true, the
conclusion must be true (The Center for Informed Decision Making, 1998). Makamson offers an example to illustrate inductive versus deductive reasoning: * Inductive: "OPEC observed that when it increased
production of oil, prices fell. Therefore, when supply increases prices fall" (Makamson, 2000). * Deductive: "The Law of Supply states that when supply increases, prices fall. Therefore, if OPEC produces
more oil, the price of oil will fall" (Makamson, 2000). Syllogisms are used in deductive reasoning which basically follow this type of formula: "If A=B; and B=C; then A=C" (The
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