Assignment

Logic AND Critical thinking

(Session 2019-2023)

Submitted To: Submitted by:

Prof. Ayesha Naeem BC19-058(Fatima Rafique)

HAILEY COLLEGE OF COMMERCE

UNIVERSITY OF THE PUNJAB

Contents

Introduction To Logic...........................................................................................................................3
Introduction To Critical Thinking.......................................................................................................3
Background ABOUT Commerce.............................................................................................................3
Definition................................................................................................................................................3
Why Students opt Commerce?.............................................................................................................4
Benefits Of Choosing Commerce..........................................................................................................4
How Logical Thinking Are Linked in Commerce...................................................................................5
Assessment of various situations in a business setting:.......................................................................5
Collaboration among teams/departments:..........................................................................................5
Teamwork:.............................................................................................................................................5
Presentation strategies:.........................................................................................................................6
Verbal communication:.........................................................................................................................6
Written communication:.......................................................................................................................6
Why do we Need Logic and Critical Thinking in Commerce?...............................................................6
Philosophy..................................................................................................................................................6
Aristotle..................................................................................................................................................7
Aristotle’s Logic.....................................................................................................................................7
Aristotle’s Logical Works: The Organon............................................................................................7
Plato........................................................................................................................................................8
Plato's Logic...........................................................................................................................................9
Socrates................................................................................................................................................10
Socratic Method...................................................................................................................................10
Importance of Logic and Critical Thinking in Daily Life.....................................................................11
Importance of Logic in Daily Life......................................................................................................11
Importance of Critical Thinking in Daily Life..................................................................................12
Importance of Logic and Critical Thinking in Commerce...................................................................12
Improve communication strategies....................................................................................................12
Support smooth operations.................................................................................................................13
Streamline product development........................................................................................................13
Conclusion................................................................................................................................................13
References................................................................................................................................................13

Introduction To Logic and Critical Thinking in Commerce

Introduction To Logic  
The word "logic" originates from the Greek word "logos", which has a variety of translations,
such as reason, discourse, or language. Logic is traditionally defined as the study of the laws of
thought or correct reasoning. Logic will teach you the basics of formal logic, which provides
symbolic methods for representing and assessing the logical form of arguments. You will
develop an understanding of symbolic language and logic, as well as familiarity with precise
models of deductive reasoning. Logic is the study of correct reasoning. Sometimes the reasoning
is good; some- times, not so good. People use logic to tell the difference. Using logic, we can
evaluate bits of reasoning as proper or improper, good or bad. Logic is not the study of how
people do reason, but how they should reason. Logic is a tool to develop reasonable conclusions
based on a given set of data. Logic is free of emotion and deals very specifically with
information in its purest form. There are many subsets in the study of logic including informal
logic, formal logic, symbolic logic, and mathematical logic.

Introduction To Critical Thinking

Critical thinking is a more analyzed and objective way to think about a problem. It involves
taking into consideration logic and reasoning. Someone in a management position will need to
use more critical thinking when making decisions that affect other people's jobs and processes,
such as safety procedures. When it comes to issues that deal with other people, critical thinking
is needed. For example, when a manager is hiring new personnel, it requires critical thinking that
analyzes the candidates before making a decision. Critical Thinking involves striving for
understanding; to have an inquisitive yet open-minded and flexible approach to exploring ideas.
It also requires the ability to evaluate information and draw clear conclusions based on the
evidence to hand. Critical Thinking is the search for understanding through reflection and
logical, rational reasoning with clear justifications. Sometimes Critical Thinking is interpreted to
mean criticizing what someone says or writes.
Critical thinking involves four processes: evaluation, assessment, categorization, and reasoning.

 Evaluation: using logic to understand the problem before coming up with a solution.
 Assessment: considering possible outcomes before making a decision.
 Categorization: putting different solutions together based on similarity before selecting
one.
 Reasoning: using logic to make decisions rather than creativity.

Background ABOUT Commerce

Definition
Commerce refers to the well-organized set up of large-scale interchange of products, service or
something of value, for money or money’s worth, among the economic agents. It covers all the
activities which directly or indirectly assist in the process of exchange.
Basically, it is concerned with the distribution aspect of the business. It relies on the fact that
everything that is produced, must be consumed. In this way, ‘commerce’ comes into the picture,
to facilitate effective and uninterrupted buying and selling of goods and services.

Why Students opt Commerce?

Commerce directly or indirectly is linked with business, especially with the distribution aspect.
Commerce helps in creating a proper distribution channel and creates a market for surplus
commodities. It has been already proven that good commerce performs an enormous role in the
economic development of a country. Students studying under Commerce stream have a
thoughtful outlook on the outside world. This career has lots of difficult challenges and practical
facts added to it. Most students opt for Commerce because they want to take the next step in
business and follow the strategies to become successful. Due to the popularity of commerce
among most students, many countries have brought up excellent career-related opportunities for
the students in this stream, including Pak.

The most respectable career options in this stream are Chartered Accountant and MBA position
holders. Commerce is soon becoming a new way of modern life and setting a new direction for
students to lead their life in the best possible way. Students wishing to choose commerce stream
need to get themselves more acquainted with the subjects like Economics, Accountancy,
Finance, Business Mathematics, Bookkeeping, etc. and also develop an interest in them.

The primary reason to opt for a commerce stream is that it provides financial literacy. If a student
is good at numbers, data and the sense of finance and economics, then he/she can perform a lot
better in commerce than science. The stream empowers the thoughtful look for the outer world.
It may also bring some challenges, but the practical facts and approach may add benefits to the
profession. Many students opt for the commerce stream as they want to follow their family
business. The successful careers in the stream have to make the institute bring a variety of
courses for excellent future opportunities. 

Benefits Of Choosing Commerce

 A person learns to live a budgeted life. A student gets to know how he/she has to manage
his/her money. 
 Investment knowledge is the other great benefit of studying Commerce. A candidate will
know where he/she should invest money to multiple it. Most people go for mutual funds,
FDs and share market. 
 If a candidate has a keen interest in numbers and analyzing numerical data, then
Commerce is the best option available.
 The subject needs less time to study. One can also give time to recreation activities and
hobbies.
 Knowledge of Taxes is what one will not get by studying any other stream. The person
has to find all about it via Google, but a commerce student explores the concept in detail
and knows how he/she should proceed. One can plan the income and savings in such a
manner that will reduce the tax liability.

How Logical Thinking Are Linked in Commerce.

If communication refers to the meaningful exchange of information in an organization, logical
thinking is the engine that provides the meaning. The ability to identify a problem and develop a
cogent explanation and solution is important for business communication.

Rider University’s online Master of Arts in Business Communication teaches these competencies

and provides students with opportunities to hone their talents. It allows people to study 100%
online and complete their degree in less than two years.
Students can learn to apply logical thinking and communication skills for business success in the
following ways:

Assessment of various situations in a business setting:

Take, for example, the head of a marketing team managing nine people. To develop a marketing
proposal for a new product, he divides his team into three groups of three. Each group pitches a
concept. The head of the marketing team then selects one, justifying his choice with clear
communication that rewards those whose concept was chosen without discouraging the others.
This is one of the many situations that may arise in a business setting that requires using logical
thinking while communicating.

Collaboration among teams/departments:

Leaders need to manage their teams’ internal communications, as well as their interactions with
other teams. For example, the aforementioned marketing team might have to work directly with
the product development team to identify a product’s most notable selling points. In this case, a
course focused on communication and organizational culture prepares managers to recognize
that the product development department might have a very different day-to-day approach to
work and collaboration.

Teamwork:
Leaders need to be able to navigate the differences among groups of people from a variety of
backgrounds. Rider’s online Master of Arts in Business Communication features coursework that
focuses on the multicultural aspects of teamwork in an organization and can be a useful tool in
business.

Presentation strategies:
Logical thinking allows individuals to make business-influencing decisions and convey their
conclusions with confidence. For example, an individual has to present the results of a financial
quarter, and the figures show a loss. He may recognize that this is due to a major investment in a
new work productivity tool, which is projected to increase turnover and result in a large profit
next quarter. The program’s business presentation coursework equips professionals to make this
kind of judgment.

Verbal communication:
Leaders may have to use verbal skills to change another person’s opinion in business. For
example, if they are sitting on the board, and the board votes on an important issue that results in
a tie, they may want to speak up and present an argument for their side of the vote. The
coursework focusing on techniques for persuasive discourse provides students with the
competencies needed to change people’s opinions and behaviors.

Written communication:
Not all business cases are made in face-to-face situations. For example, leaders can inspire their
teams through a powerful email. A course in strategic business writing provides students with the
tools needed to harness their writing skills to support strategy and produce desired outcomes,
such as motivating employees.
Why do we Need Logic and Critical Thinking in Commerce?

It provides a way for us to learn from new experiences through the process of continual self-
assessment. Critical thinking, then, enables us to form sound beliefs and judgments, and in doing
so, provides us with a basis for a 'rational and reasonable' emotional life. The rationality of the
world is what is at risk.
Critical thinking will help you to solve problems. Problems are bound to arise within any
organization. If you have business management training, thinking critically will enable you to
come up with several alternative solutions to a problem, ensuring that the decision made is one
that's best for the company overall.
Strength in business-critical thinking skills is required for the strong decision-making and
problem-solving skills that move a company forward. The best way to reduce the risks of poor
decision-making and problem-solving is to hire people with strong business critical thinking
skills. The best way to reduce the risks of poor decision-making and problem-solving is to hire
people with strong business critical thinking skills.

Philosophy
In philosophy, term logic, also known as traditional logic, syllogistic logic or Aristotelian logic,
is a loose name for an approach to logic that began with Aristotle and was developed further
in ancient history mostly by his followers, the Peripatetics, but largely fell into decline by the
third century CE. Term logic revived in medieval times, first in Islamic logic by Alpha abius in
the tenth century, and later in Christian Europe in the twelfth century with the advent of new
logic, and remained dominant until the advent of modern predicate logic in the late nineteenth
century. This entry is an introduction to the term logic needed to understand philosophy texts
written before it was expanded as a formal logic system by predicate logic. Readers lacking a
grasp of the basic terminology and ideas of term logic can have difficulty understanding such
texts, because their authors typically assumed an acquaintance with term logic.

Aristotle
The greatest and most influential of Plato's students was Aristotle, who established his own
school at Athens. Although his writing career probably began with the production of quasi-
Platonic dialogues, none of them have survived. Instead, our knowledge of Aristotle's doctrines
must be derived from highly-condensed, elliptical works that may have been lecture notes from
his teaching at the Lyceum. Although not intended for publication, these texts reveal a brilliant
mind at work on many diverse topics.

Aristotle is, indeed, the world's first great logician, but the famous thinker is remembered today
primarily as a great Greek philosopher.  
Aristotle used logic to underpin his philosophy in developing the method of deductive reasoning
and then applied those two concepts to science, metaphysics, ethics, and politics. Go back far
enough, and it's clear that you can't separate philosophy and logic; you can't have one without the
other. Philosophy is based on the idea that you need to think clearly to grapple with the major
(and minor) questions of the universe; logic is the way to accomplish that Herculean task.

Aristotle’s Logic
Aristotle’s logic, especially his theory of the syllogism, has had an unparalleled influence on the
history of Western thought. It did not always hold this position: in the Hellenistic period, Stoic
logic, and in particular the work of Chrysopsis, took pride of place. However, in later antiquity,
following the work of Aristotelian Commentators, Aristotle’s logic became dominant, and
Aristotelian logic was what was transmitted to the Arabic and the Latin medieval traditions,
while the works of Chrysopsis have not survived.
This unique historical position has not always contributed to the understanding of Aristotle’s
logical works. Kant thought that Aristotle had discovered everything there was to know about
logic, and the historian of logic Prandtl drew the corollary that any logician after Aristotle who
said anything new was confused, stupid, or perverse.
 Aristotle’s Logical Works: The Organon
The ancient commentators grouped together several of Aristotle’s treatises under the
title Organon (“Instrument”) and regarded them as comprising his logical works:

 Categories
 On Interpretation
 Prior Analytics
 Posterior Analytics
 Topics
 On Sophistical Refutations
In fact, the title Organon  reflects a much later controversy about whether logic is a part of
philosophy (as the Stoics maintained) or merely a tool used by philosophy (as the later
Peripatetics thought); calling the logical works “The Instrument” is a way of taking sides on this
point. Aristotle himself never uses this term, nor does he give much indication that these
particular treatises form some kind of group, though there are frequent cross-references between
the Topics and the Analytics. On the other hand, Aristotle treats the Prior and Posterior
Analytics as one work, and On Sophistical Refutations is a final section). To these works should
be added the Rhetoric, which explicitly declares its reliance on the Topics
Plato
Plato is one of the world’s best known and most widely read and studied philosophers. He was
the student of Socrates and the teacher of Aristotle, and he wrote in the middle of the fourth
century B.C.E. in ancient Greece. Though influenced primarily by Socrates, to the extent that
Socrates is usually the main character in many of Plato’s writings, he was also influenced
by Heraclitus, Parmenides, and the Pythagoreans.
There are varying degrees of controversy over which of Plato’s works are authentic, and in what
order they were written, due to their antiquity and the manner of their preservation through time.
Nonetheless, his earliest works are generally regarded as the most reliable of the ancient sources
on Socrates, and the character Socrates that we know through these writings is considered to be
one of the greatest of the ancient philosophers.

Plato continued the work begun by the Sophists and by Socrates. In the Sophist, he distinguished

affirmation from negation and made the important distinction between verbs and names
(including both nouns and adjectives). He remarked that a complete statement (logos) cannot
consist of either a name or a verb alone but requires at least one of each. This observation
indicates that the analysis of language had developed to the point of investigating the internal
structures of statements, in addition to the relations of statements as a whole to one another. This
new development would be raised to a high art by Plato’s pupil Aristotle (384–322 BCE).

There are passages in Plato’s writings where he suggests that the practice of argument in the
form of dialogue (Platonic “dialectic”) has a larger significance beyond its occasional use to
investigate a particular problem. The suggestion is that dialectic is a science in its own right, or
perhaps a general method for arriving at scientific conclusions in other fields. These seminal but
inconclusive remarks indicate a new level of generality in Greek speculation about reasoning.
Plato's Logic
Plato’s logic is relational, not Aristotelian.  Plato's logical theories and of their development
is given here for the first time. It is ascertained that the theory of ideas, generally believed to be
the unique form of Plato's logic, was only a first attempt of the philosopher to settle the
difficulties of the relation between Knowledge and Being and that, when past fifty, he produced
a new logical system, in which he anticipated some conceptions of modern philosophy, arriving
at the recognition of the substantial existence of the individual soul and substituting a
classification of human notions for the intuition of divine ideas.
None of the surviving works of the great fourth-century philosopher Plato (428–347 BC) include
any formal logic, but they include important contributions to the field of philosophical logic.
Plato raises three questions:

 What is it that can properly be called true or false?

 What is the nature of the connection between the assumptions of a valid argument
and its conclusion?
 What is the nature of definition?
The first question arises in the dialogue Theaetetus, where Plato identifies thought or opinion
with talk or discourse (logos). The second question is a result of Plato's theory of Forms. Forms
are not things in the ordinary sense, nor strictly ideas in the mind, but they correspond to what
philosophers later called universals, namely an abstract entity common to each set of things that
have the same name. In both the Republic and the Sophist, Plato suggests that the necessary
connection between the assumptions of a valid argument and its conclusion corresponds to a
necessary connection between "forms”. The third question is about definition. Many of Plato's
dialogues concern the search for a definition of some important concept (justice, truth, the
Good), and it is likely that Plato was impressed by the importance of definition in
mathematics. What underlies every definition is a Platonic Form, the common nature present in
different particular things. Thus, a definition reflects the ultimate object of understanding, and is
the foundation of all valid inference. This had a great influence on Plato's student Aristotle, in
particular Aristotle's notion of the essence of a thing.
Socrates
Socrates, born in Athens in 470 BC, is often credited as one of the founders of Western
philosophy. The cloud of mystery surrounding his life and philosophical viewpoints propose a
problem; a problem so large that it’s given a name itself: The Socratic Problem. Since he did not
write philosophical texts, all knowledge related to him is entirely dependent on the writings of
other people of the time period. Works by Plato, Xenophon, Aristotle, and Aristophanes contain
all of the knowledge known about this enigmatic figure. His largest contribution to philosophy is
the Socratic method.
Relentless questioning was the logic of Socrates. He never quit asking questions. Answering one
question would lead to more questioning. He was self-effacing, persistent, and attacked the
underlying assumptions of an argument (or answer). He described what he did as giving birth to
ideas what were already inside a person just as a midwife assists in giving a baby birth. In this
way, he claimed to have no special knowledge. But, through questioning, he could guide youth
in solving geometry problems.

Socratic Method
The Socratic method is defined as a form of inquiry and discussion between individuals, based
on asking and answering questions to illuminate ideas. This method is performed by asking
question after question with the purpose of seeking to expose contradictions in one’s thoughts,
guiding him/her to arrive at a solid, tenable conclusion. The principle underlying the Socratic
Method is that humans learn through the use of reasoning and logic; ultimately finding holes in
their own theories and then patching them up.
The Socratic method is a method of hypothesis elimination, in that better hypotheses are found
by steadily identifying and eliminating those that lead to contradictions.
The Socratic method searches for general commonly held truths that shape beliefs and
scrutinizes them to determine their consistency with other beliefs. The basic form is a series of
questions formulated as tests of logic and fact intended to help a person or group discover their
beliefs about some topic, explore definitions, and characterize general characteristics shared by
various particular instances.

Importance of Logic and Critical Thinking in Daily Life

Importance of Logic in Daily Life

Logic is always present in our life. The logic used to explain miracles of everyday life, thinking
logically helps man to question the functioning of everything around us, the logic used to argue
and is somehow a thought an idea that influences us for an action we do in our daily lives.
Used to think properly about what is and what happens in reality, to act in a reasonable manner at
all times of our lives. This means that in our thinking and reality must be a consistency so that we
can perform our daily activities in a thoughtful way and rope. We used to solve problems that
happen to us daily as when we go to work or school; also, to seek.
The logic helps me to think coherently and to differentiate between truth and validity. As the
mathematical are always valid, there is no possibility that might contradict, as 2 + 2 equals 4
cannot be five. Moreover, the logic helps me to have a good relationship with my coworkers, and
I respect that if I get the same respect for them and that leads to a good fellowship. The logic
helps me to speak properly to communicate with others. My major is business and economics but
the logic is one of the main points in every single job around the world.
For instance, when the price of Coca-Cola goes up, people drink more Pepsi. It is logical. And for
the same reason, when laws are hardened and penalties are higher, crime decreases; as logical as a

worker incentive in exchange for results, try harder. These behavioral changes can be explained
from economic theories, and not because they have to do with the money but because economics is
the study of rational behavior and rational people respond to rewards and stimuli. When the costs
or benefits of some change, people change their behavior.
Importance of Critical Thinking in Daily Life
The use of critical thinking is an extremely important, and almost impossible to live without, skill
we use in our day to day lives. Since our origins as a species, we have been faced with countless
different scenarios where we must use critical thinking. In our modern everyday lives, we are using
these skills which we have developed, often without even realizing we are using them. Although
we do use critical thinking so often in our lives there are many more areas that we could use them
in order to save money, time, energy and even to add comfort to our lives. The use of critical
thinking starts from the moment we get out of bed. We must decide what clothes we will wear, but
in order to do so we must first think about what we will be doing throughout the day.
In today 's world it is incredibly easy to buy pre-prepared foods, that may be quick and delicious,
but almost never contain the nutrition that our bodies require. If you plan your meals in advance,
you have more time to think critically about what your body needs and what you should have for a
meal. Eating a well-balanced diet will keep your body healthy and will help your ability to think
clearly and critically. I have also found that you can often save time and money by planning and
cooking your meals in advance. Living as a college student money is often tight, so I have had to
apply my critical thinking skills in order to help save money. Personally, I have been able to save
money by comparing and contrasting various cell carriers and the different plans they offer in
order to find and switch to an alternative plan that works for me.

Importance of Logic and Critical Thinking in Commerce

Business leaders take major actions every day, from hiring and firing to reviewing financial
earnings reports, participating in board meetings and handling public relations crises. These are
the precise areas in which logical thinking comes into play, as business leaders use this skill to
make tough decisions, such as letting an employee go or issuing a press release when scandal
threatens to tarnish a company’s reputation.
When applying logical thinking in business, a leader must use logic to identify, understand,
analyze and solve problems. This requires patience and practice. The successful application of
logical thinking often results in more efficient work processes. The following three examples
help answer why logical thinking is important in business:

Improve communication strategies

Communicating with different types of people requires defining the needs of the target audience,
which demands logical thinking. For example, if a company is being bought out by a competitor,
the CEO must consider how this will impact everyone, from low-level employees to investors,
and determine what messages to convey to each party. Acting quickly is essential, as he or she
should be the first to give the employees the news to maintain their trust.

Support smooth operations

Maintaining daily operations in an ever-changing environment requires constant logical thinking.
For example, if the power goes out at a restaurant and there is no emergency generator, the
manager must decide not only what to do with the customers and staff but also whether and how
to salvage refrigerated food. The quicker the manager acts, the more likely he or she is to make
the best of an unfortunate situation.
Streamline product development
A product development role requires multiple decisions to ensure efficiency, marketability and
safety. For instance, if a company is marketing a new kitchen gadget, designing it a certain way
would make it look more appealing, but that design could also make it more difficult to use.
Should the company prioritize function or fashion? The sooner it reaches a decision, the sooner
production can begin.
In each of these examples, logical thinking directly impacts efficiency in the workplace.

Conclusion
As with several issues in the business, what is happening at the top is a good indicator of how the
present logical thinking is in the remaining part of the organization. If the company has an
intelligent leader who has great ideas but no processes being followed, then there will be no
buying of the idea of logical thinking, and the organization will suffer. This is the reason why
logical thinking skills are often accompanied by positive communication skills.

“Logic and critical thinking do not just help one to arrive at the best answer, but to a solution, most
people will embrace. Modeling logical thinking at the top would help the skill to trickle down to the
remaining levels of the organization, no matter what type or size of the company one has”.

References

http://campusinsight.net:670/videos/index#a

https://en.wikipedia.org/wiki/Socratic_method

https://www.123helpme.com/essay/The-Importance-Of-Critical-Thinking-In-Everyday-714221

https://sites.psu.edu/rclperdue/2014/09/19/the-big-three-of-greek-philosophy-socrates-plato-and-
aristotle/

https://sites.psu.edu/rclperdue/2014/09/19/the-big-three-of-greek-philosophy-socrates-plato-and-
aristotle/

https://www.123helpme.com/essay/Importance-Of-Logic-In-Daily-Life-512595

https://philpapers.org/rec/HAAPOL-2