The different types of compensation for economic activities include salary, wages, profit, and rent. Salary is a fixed amount paid regularly to employees for their work, while wages are typically paid on an hourly, daily, or weekly basis. Profit is the money earned by business owners after covering their expenses, and rent is the payment made by tenants to landlords for the use of property. These forms of compensation are all ways in which individuals and businesses earn income for their work and services in the economy.
This question related to Chapter 13 Social Science Class 6th NCERT.
From the Chapter 13. The Value of Work.
Give answer according to your understanding.
Compensation includes salaries, wages, fees, or payment in kind.
Explanation: These ensure fair exchange for the work or services provided.
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