Incentive is a reward or punishment that motivates someone to behave in a particular way.
What is Incentive?
In general, incentives would be any methods that influence someone's behaviour. The fundamental rule of economics and the laws of behaviour, that also state that greater incentives result in greater levels of effort and, as a result, higher levels of performance, emphasise the importance of incentives. Extrinsic and intrinsic incentives are the two types of incentives that can be categorised. The driving force behind people's actions is internal. When engaging in activities, people are frequently more motivated by the task at hand or by the internal reward than by the external reward. There are many internal rewards; for instance, engaging in activities can make people feel good about themselves and satisfy their sense of accomplishment.
Examples of incentive include:
-Giving employees a bonus for meeting sales targets
-Reducing the price of a product to increase demand
-Imposing a fine on someone for littering
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