"Rational choice theory refers to a set of guidelines that help understand economic and social behaviour."
It is concerned with analyzing how actors make decisions under conditions of scarcity, and how they use incentives and costs to make their choices.
"The theory originated in the eighteenth century and can be traced back to political economist and philosopher, Adam Smith."
"The theory postulates that an individual will perform a cost-benefit analysis to determine whether an option is right for them."
"It also suggests that an individual's self-driven rational actions will help better the overall economy."
"Rational choice theory looks at three concepts: rational actors, self-interest, and the invisible hand."
"Rationality can be used as an assumption for the behavior of individuals in a wide range of contexts outside of economics."
"It is also used in political science, sociology, and philosophy."
"The theory originated in the eighteenth century and can be traced back to political economist and philosopher, Adam Smith."
"An individual will perform a cost-benefit analysis to determine whether an option is right for them."
"An individual's self-driven rational actions will help better the overall economy."
"Rational choice theory looks at three concepts: rational actors, self-interest, and the invisible hand."
"Rational choice theory looks at three concepts: rational actors, self-interest, and the invisible hand."
"Rational choice theory looks at three concepts: rational actors, self-interest, and the invisible hand."
"Rationality can be used as an assumption for the behavior of individuals in a wide range of contexts outside of economics."
"It is also used in political science, sociology, and philosophy."
"The theory originated in the eighteenth century and can be traced back to political economist and philosopher, Adam Smith."
"The theory originated in the eighteenth century and can be traced back to political economist and philosopher, Adam Smith."
"The theory postulates that an individual will perform a cost-benefit analysis to determine whether an option is right for them."
"It also suggests that an individual's self-driven rational actions will help better the overall economy."
"Rational choice theory looks at three concepts: rational actors, self-interest, and the invisible hand."