Part one of term paper
What Are The Main Strengths and Weaknesses of The Rational Choice Approach To One of the pioneers of the rational choice theory has been Gary Becker. He states that this approach can be applied to all human behaviour, including religion. This approach has three assumptions. It assumes that people engage in maximising behaviour. When applyin ...

Part two of term paper
... participants to function together efficiently.' Thirdly, prices and other market functions can affect demand and supply, controlling desires and affecting the actions of consumers. Becker explains that price is not described in money terms but as a shadow price. For example, muslims cannot drink alcohol. This approach involves four theorems. Firstly, a rise in price reduces the quantity demanded. The example he gives is if people have to put more time and effort into having children the ...