Final answer:
Metacognition is the knowledge people have about their own thinking processes and their ability to monitor their cognition. It involves self-awareness and higher-order thinking skills, allowing individuals to regulate, monitor, and critically analyze their thoughts.
Step-by-step explanation:
The knowledge that people have about their own thinking processes and their ability to monitor their cognition is called metacognition. Metacognition involves self-awareness and higher-order thinking skills, allowing individuals to regulate, monitor, and critically analyze their own thoughts. It is a process of thinking about thinking, which allows for reflection and assessment of one's cognitive tendencies and biases.