Final answer:
Rational Choice theory, also known as Exchange Theory, is a micro-level sociological theory that explains social behavior based on rational decision-making. It suggests that individuals weigh the costs and benefits of different choices to maximize benefits and minimize costs. While the theory provides insights into behavior, it has been criticized for overlooking nonmaterial assets like love and friendship.
Step-by-step explanation:
Rational Choice theory, also known as Exchange Theory, is a micro-level sociological theory that seeks to explain social behavior by examining the rational decisions individuals make when faced with choices. According to this theory, individuals are rational actors who weigh the costs and benefits of different courses of action before making decisions. It postulates that individuals engage in behavior that maximizes benefits and minimizes costs.
For example, in the context of relationships, the theory suggests that as individuals age and become more dependent on others, they must engage in resource management to maintain their social circles. They may do so by maintaining large inheritances or participating in social exchange systems, such as providing childcare.
However, the theory has been criticized for its heavy emphasis on material exchange and its disregard for nonmaterial assets, such as love and friendship.