ECONOMICS
INCENTIVES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Intrinsic incentives
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Extrinsic incentives
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Extra incentives
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None of the above
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Detailed explanation-1: -Extrinsic incentives involve providing a material reward (like money) for accomplishing a task, or threatening some punishment for failure to do so. By definition, all economic incentives are extrinsic motivations.
Detailed explanation-2: -There are two types of economic incentives-intrinsic and extrinsic. The former is related to an individual and their beliefs, whereas the latter is concrete and comes from outside, like money.
Detailed explanation-3: -There are two types of incentives: financial and non-financial incentives. Financial (monetary) incentives are payments or rewards that are given in exchange for achieving certain goals or targets. Non-financial incentives are non-monetary rewards, such as awards, privileges, or recognition.
Detailed explanation-4: -Economic Incentives – Material gain/loss (doing what’s best for us) Social Incentives – Reputation gain/loss (being seen to do the right thing) Moral Incentives – Conscience gain/loss (doing/not doing the ‘right’ thing) 15-Jun-2014
Detailed explanation-5: -Compensation incentives. Recognition incentives. Reward Incentives. Appreciation incentives.