Occam's Razor is a problem-solving principle that suggests the simplest explanation is usually the best one. When faced with competing hypotheses or theories, it advises us to choose the one that makes the fewest assumptions. This doesn't mean the simplest answer is always correct, but it encourages us to avoid unnecessary complexity in our reasoning. For example, if you hear hoofbeats outside, Occam's Razor would suggest that the most likely explanation is that they are from a horse, rather than a zebra or a unicorn. By focusing on the most straightforward possibility, we can make better decisions and avoid overthinking situations.