Difference between inductive and deductive reasoning?

Hi there. 

Deduction relies on taking assumptions (we call this a priori) and making inferences from them. An example: if X is true, Y is true. This holds as long as X is true, which can be challenged.

Induction  relies on taking evidence and trying to draw conclusions from them. An example would be a patient walking into a clinic with symptoms, and doctors trying to, based on described symptoms, suggest what ailment they have. It's more flexible than deduction since you don't need to rely on assumptions, but it's prone to fallacy because inductive arguments rely on cogency rather than validity (i.e. the premise X being true doesn't guarantee the truth of conclusion Y). Indeed, we have a certain level of confidence in the conclusion based on cogency.

Abduction is inference to the best explanation, or finding the simplest explanation for an event. An example is seeing an 8-ball rolling towards us during a Billiards game, and assuming the cue struck it. This is Affirming the Consequent, though it can work faster than the other two forms of reasoning for basic occurrences.