ECONOMICS
INCENTIVES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Specialization
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Consumer sovereignty
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Incentive
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Competition
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Detailed explanation-1: -Incentives are rewards or penalties for behavior. Incentives can be either positive or negative, and can thus encourage or discourage a particular action.
Detailed explanation-2: -The definition of an incentive is: a thing that motivates or encourages one to do something. The definition of a reward is: a thing given in recognition of service, effort, or achievement, or; a fair return for good behaviour.
Detailed explanation-3: -Which programs boost employee motivation? Cash incentives and nonmonetary incentives alike can promote motivation, which can significantly increase productivity and, potentially, profits. The top three incentives are cash, gifts and experiences. Some examples of gifts are electronics, ride-share credit and gift cards.
Detailed explanation-4: -Compensation incentives. Compensation incentives tend to cover some of the more basic incentive options. Recognition incentives. Reward Incentives. Appreciation incentives.
Detailed explanation-5: -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