ECONOMICS

Detailed explanation-1: -confirmation bias, people’s tendency to process information by looking for, or interpreting, information that is consistent with their existing beliefs. This biased approach to decision making is largely unintentional, and it results in a person ignoring information that is inconsistent with their beliefs.

Detailed explanation-2: -Only paying attention to news stories that confirm your opinions. Blaming outside factors when things don’t go your way. Attributing other people’s success to luck, but taking personal credit for your own accomplishments. Assuming that everyone else shares your opinions or beliefs.

Detailed explanation-3: -This is related to confirmation bias, which involves seeking out only those sources of information that support preexisting beliefs or theories and actively neglecting all contrary evidence or sources of information.

Detailed explanation-4: -Confirmation bias, sampling bias, and brilliance bias are three examples that can affect our ability to critically engage with information.