Final answer:
Heuristics are simplified rules used by consumers to make purchase decisions. They are cognitive shortcuts that allow individuals to make decisions quickly and easily.
Step-by-step explanation:
Simplified rules that are used by consumers to make their purchase decisions are called heuristics. Heuristics are cognitive shortcuts that individuals use in decision-making to substitute complex methods with simple and practical rules. For example, instead of carefully scrutinizing all the options on a menu, a person may use the heuristic of ordering the daily special. By using heuristics, consumers can quickly and easily make purchase decisions without having to analyze all the available information.