Compensation for economic activities includes wages, salaries, fees, or payments in kind. For instance, workers earn wages, professionals charge fees, and farmers may receive goods in return for their labor.
Class 6 Social Science Chapter 13 The Value of Work question answer
Class 6 NCERT Social Science Governance and Democracy Chapter 13 The Value of Work
People are compensated for economic activities in multiple ways:
1. Wages: Paid daily, often for labor-intensive tasks.
2. Salaries: Fixed monthly income for jobs like teaching.
3. Fees: Charged by professionals like doctors.
4. Payment in Kind: Goods or services provided instead of money, common in farming.
These diverse methods of compensation ensure individuals are rewarded fairly for their contributions, supporting their livelihoods.
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