An example of payment in kind is a farm worker receiving a portion of crops as compensation instead of cash. This system benefits both parties by reducing monetary dependency and ensuring fair exchange.
Class 6 Social Science Exploring Society: India and Beyond
Class 6 Social Science Chapter 13 The Value of Work question answer
Payment in kind involves compensating work through goods or services instead of money. For example, a farm laborer might receive part of their wage as crops or livestock. This system benefits both parties by creating flexible compensation arrangements, especially in rural areas, where cash may not be readily available. It ensures fair exchange and maintains the functionality of economic activities in resource-limited settings.
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