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 salary or a carpenter is paid for repairing furniture, they receive monetary compensation. This payment is given as a reward for their labor and is essential for meeting their financial needs. Monetary compensation plays a key role in motivating people to work and contributes to the overall 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.
It is the payment in money received for performing work or services.
Explanation: Examples include salaries for employees or fees for professionals.
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