Question

2. What aspects of your decision-making process fit the description of a rational choice? Did you consider costs and benefits? Did you pay attention to both monetary and non-monetary factors? Did you consider opportunity costs? Explain.

Answer 1

Step-by-step explanation:

Rational Choice Theory advocates that human behavior can, in various measures, be studied through the assumption of rationality for understanding social phenomena. It emerged in Political Science through Economics as a result of the pioneering work of Anthony Downs, James Buchanam, Gordon Tullock, George Stigler, and Mancur Olson.

Answer 2

Rational choice theory is an economic principle that states that people usually make prudent and logical decisions which provide them with the greatest benefit or satisfaction. Thus, rational choice will consider cost and benefit, monetary factors, non-monetary factors and opportunity costs.