Economic Thinking and Fallacies Step 1 - Review Consider the various forms of thinking and fallacies that affect economic understanding, misunderstanding, and decision making. Step 2 - Illustrate Identify and share an example of one possible logical fallacy. Can you find a current event that might be an example of this fallacy? How does this fallacy counter the scientific method of thinking about economics? Some areas to consider that might induce logical fallacy: Environmental concerns and how the world perceives oil and gas production The extent to which Canada relies on American trading The effects of government support on those unemployed on a massive scale The increase of web-based services and the impact on our national economy