Pretty useful stuff, if you ask me.
In order to understand what a fallacy is, one must understand what an argument is. Very briefly, an argument consists of one or more premises and one conclusion. A premise is a statement (a sentence that is either true or false) that is offered in support of the claim being made, which is the conclusion (which is also a sentence that is either true or false).
A fallacy is, very generally, an error in reasoning. This differs from a factual error, which is simply being wrong about the facts. To be more specific, a fallacy is an "argument" in which the premises given for the conclusion do not provide the needed degree of support. A deductive fallacy is a deductive argument that is invalid (it is such that it could have all true premises and still have a false conclusion). An inductive fallacy is less formal than a deductive fallacy. They are simply "arguments" which appear to be inductive arguments, but the premises do not provided enough support for the conclusion. In such cases, even if the premises were true, the conclusion would not be more likely to be true.
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