The paper 'Monetary and Non-Monetary Awards' is a great example of a Macro and Microeconomics Assignment. This particular article essentially talks about different forms of rewards that are awarded to personalities who have worked very hard to change the lives of the people across the globe. The article clearly identifies various types of awards and the levels of their viability. Many persons from different spheres and walks of life think monetary rewards are best suited in a reward scheme which is never the case. Therefore we can evidently note that there are two types of rewards, the monetary rewards, and the non-monetary rewards. Monetary rewards are fungible and the recipients of this kind of reward benefit much economically unlike the non-monetary rewards where there are no financial gains.
Non-monetary rewards take the forms of medals as is the case in sportsmen, decorations, titles, and other forms of prizes. We can say the non-monetary rewards are intrinsic incentives that take into consideration to honor a person’ s work or voluntary services to society. Figure: Portrait of Nobel Peace Prize MedalHigh caliber persons in the society are the people tasked with giving out these rewards to the most qualified personalities in any given country or an organization.
Chancellors of the universities, the monarchs from the different existing kingdom, and the presidents of the world`s nations are the person tasked with the duty of awarding persons these wards. From the sports arena to the business world, these awards exist. For example, we have the Oscars or the Grammys wards, the IAAF sportsman of the year. In the business world, we have awards such as the CEO of the year, Employee of the month; such rewards have been established to raise the social status of the awards recipients. Pecuniary incentives which are the monetary awards differ very much from the non-monetary awards like the titles and trophies.
The first difference that exists between the two is that giving out rewards is cheap unlike the monetary awards like the Nobel peace prize that is accompanied by millions of dollars. An award like giving a title to a recipient is very cheap and carries no cost at all. However it should be noted that giving out many awards leads to loss of the value of the particular reward, also awarding a certain reward to a wrong candidate definitely will lead to loss of the value of the particular award.
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