ECONOMICS

Detailed explanation-1: -Which of the following statements is true about thinking, decision making and problem solving? Decision making is a part of problem solving-and both decision making and problem solving are examples of thinking.

Detailed explanation-2: -In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several possible alternative options. It could be either rational or irrational.

Detailed explanation-3: -There are two systems models of thinking: system 1-intuitive, automatic, quick and requiring limited effort, influenced by biases. system 2-rational, goal directed, requires intentional effort and time, analyses/controls for biases.

Detailed explanation-4: -Problem solving and decision making are both examples of complex, higher-order thinking. Both involve the assessment of the environment, the involvement of working memory or short-term memory, reliance on long term memory, effects of knowledge, and the application of heuristics to complete a behavior.