Final answer:
A heuristic is a type of mental shortcut used for quick decision-making in everyday matters, differing from more systematic and rigorous methods like algorithms. These 'rules of thumb' enable fast but not always accurate decisions, and can lead to cognitive biases.
Step-by-step explanation:
The type of mental shortcut that helps us make quick decisions about everyday matters is called a heuristic. A heuristic is a general problem-solving framework that acts as a 'rule of thumb' to aid in quick judgement and decision-making. In contrast to an algorithm, which is a specific problem-solving strategy requiring a detailed step-by-step process, heuristics allow for faster conclusions but may not always yield the most accurate or rational results. Heuristics work well for routine and familiar tasks, like driving a known route, but may lead to cognitive biases and suboptimal choices in more complex and unfamiliar situations.
For example, the availability heuristic influences decisions based on the information that is most readily available to us, while an anchoring bias can cause us to focus too heavily on one piece of information. Heuristics are more aligned with what Kahneman describes as 'thinking fast,' which is intuitive and requires less cognitive energy compared to 'thinking slow,' which involves deliberate, analytical problem-solving.