Learning Objectives To explain the role of scientific methods in developing economic theory. To illustrate logical fallacies in economic thinking. Illustrate Review pages xiv- xxxvii (Economics Toolkit) of the textbook, and consider the various forms of thinking and fallacies that affect economic understanding, misunderstanding, and decision making. Identify and share an example of one possible logical fallacy. Can you find a current event that might be an example of such a fallacy? How does this fallacy counter the scientific method of thinking about economics? Some areas to explore that might induce logical fallacy are: Environmental concerns and how the world perceives oil and gas production. The extent to which Canada relies heavily on American trading. The effects of government support for those unemployed on a mass scale. The increase of web-based services and the impact on our national economy