| Summary: | Introduction. The article presents a theoretical analysis of the relationships that develop between participants in the educational process. The main idea is that teaching and upbringing are neither a one-sided, purposeful influence of a teacher on a student, nor the provision of educational services by a teacher to a student, but are a process that involves the active participation of both parties. The purpose of the article is to analyze the emerging exchange relations that develop between a teacher and a student. The object of study in this article is the psychological contract between teacher and student. The subject of the study is the content of representations about mutual expectations and obligations of university teachers and students.Materials and Methods. The article is a theoretical study of the social exchange relationship between teacher and student. The theory of social exchange and the theory of psychological contract are used as a methodological basis. The research base is domestic and foreign publications placed in the RSCI, Science Direct, Willey databases.Results. Relations between participants in the educational process can be considered from the perspective of the theory of social exchange. At the heart of the relationship between participants in the educational process is a psychological contract, including mutual expectations and obligations. The parties to the psychological contract in the context of the educational process can be a student – teacher – non-teaching employee – university. The content of the teacher-student psychological contract differs from the content of the employee-employer psychological contract, although the structural elements of the contract themselves may be the same. The psychological contract between participants in the educational process involves the exchange of different resources.Discussion and Conclusions. The contribution of the research to the theory of social exchange, the theory of psychological contracts and resource theory is presented.
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