Step 1: Understanding the Concept:
The definition provided in the question is the classic, formal definition of Emotional Intelligence (EI or EQ), as originally proposed by psychologists Peter Salovey and John Mayer. It encompasses both understanding oneself and understanding others.
Step 2: Detailed Explanation:
Let's break down the definition:
Monitor one's own and other's emotions: This refers to the awareness of emotions in oneself and others (empathy).
Discriminate among them: This involves accurately identifying and labeling different feelings.
Use the information to guide one's thinking and actions: This is the application of emotional knowledge to manage one's behavior and relationships effectively.
While related, the other options are less precise:
Social intelligence and Interpersonal intelligence (from Gardner's theory) primarily focus on understanding and navigating social situations and relationships with \textit{others}. They don't explicitly include the component of monitoring one's \textit{own} emotions.
Abstract intelligence is the ability to reason with non-concrete concepts and ideas.
The provided definition uniquely combines both the intrapersonal (one's own) and interpersonal (other's) aspects of emotion, which is the core of Emotional Intelligence.
Step 3: Final Answer:
The correct term for the ability described is Emotional intelligence.