Incentives
Definition
Incentives are external stimuli or rewards that motivate behavior. They can be positive (rewards) or negative (punishments).
Analogy
Incentives are like the carrot on a stick in front of a donkey. The donkey moves forward to reach the carrot, just as we might work harder for a bonus at work.
Related terms
Extrinsic Motivation: This is motivation driven by external rewards or punishments. Like studying hard to get good grades, not necessarily because you love learning.
Positive Reinforcement: This involves adding something desirable to increase a behavior. For example, giving a child candy for doing their homework.
Negative Reinforcement: This involves removing something undesirable to increase a behavior. Like turning off an annoying alarm by getting out of bed in the morning.
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