Value addition is the process of increasing the worth of a product by enhancing it through various activities. For example, when raw cotton is turned into cloth, its value increases. This is important in economic activities as it creates more ...
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A payment in kind means receiving goods or services instead of money as a reward for work. For example, if a farmer works on someone’s land and instead of being paid in cash, they are given a share of the ...
Monetary compensation refers to the payment made in the form of money for the work or services provided. It is the most common type of compensation given to employees, workers, or service providers. For example, when a teacher is paid ...
Monetary compensation refers to the payment made in the form of money for the work or services provided. It is the most common type of compensation given to employees, workers, or service providers. For example, when a teacher is paid ...
A technician’s work is classified as an economic activity because it involves providing specialized services in exchange for money. Technicians perform tasks like repairing machines, fixing electrical issues, or maintaining equipment, which are essential for various industries and households. Their ...