The conjunction fallacy is an error in reasoning whereby people think the chances of two things happening together is greater than the chance of one of those things happening alone. Each piece of information is known as a conjunct – hence the name conjunction fallacy. This fallacy also has a psychological component where people are […]
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Social integration is the process by which newcomers are incorporated into a society. Social integration examples include developing friendships, learning the local dialect, and joining local clubs. It is the extent to which individuals from different groups interact with one another in an equal manner and feel a sense of belongingness to society. Usually, it
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Structural mobility is a type of social mobility that refers to the movement of people up or down the social ladder when there are changes in the overall structure of society. It is a kind of forced mobility because it is caused by events beyond one’s control. It contrasts with individual mobility, which refers to
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Behavioral psychology is a field of psychology that focuses on the study of behaviors and how they are learned and changed. Within this field, we can identify a range of behaviors that each have unique causes, intentions, or consequences. Examples of behavior in psychology include over and covert, conscious and unconscious, rational and irrational, and
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Vertical integration is a business strategy where a firm owns and operates multiple levels of the supply chain. Vertical integration can involve a firm expanding into any level of the supply chain: acquisition of raw materials, production, distribution, etc. This strategy can help a firm gain better control over its business, improving efficiency. But it
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Affirming the consequent is a formal logical fallacy that takes a true statement and invalidly infers its converse. It is a formal logical fallacy because the fallacy is caused by a structural error in a deductive argument (an argument in which if the premises are true the conclusion is guaranteed to be true). This means
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An appeal to ignorance fallacy will state that if something cannot be conclusively proven then the opposite must be true. This fallacy takes advantage of the fact that either collectively or individually we cannot know everything about ourselves and the world. As there are so many things in the world which we cannot conclusively prove,
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A natural monopoly is a type of monopoly that occurs when an industry’s high infrastructural costs and other barriers make it difficult for new firms to enter. In such a case, a single firm becomes the only provider of a product/service in the industry or geographic region. An industry is a natural monopoly if the
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Opportunity cost is the cost of giving up one opportunity in order to take another one. The ‘next best alternative’ that must be given up comes with a cost. For example, you may be faced making the choice: get a job straight out of university or take a gap year. If you choose to take
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A commodity chain describes the various stages involved in the production, distribution, and consumption of a particular commodity. In other words, it charts the process by which firms acquire resources, transform them into goods, and distribute them to consumers. Each step of the commodity chain has different forms of labor and different levels of power.
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