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Please relate the idea of how INCENTIVES MATTER in the idea of NO FREE LUNCH. Please...

Please relate the idea of how INCENTIVES MATTER in the idea of NO FREE LUNCH. Please DO explain and incorporate incentive in your explanation.

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Answer #1

An incentive refers to a factor that induces an economic agent to do or not do something. For example, a company providing free dinner and cab services for people doing overtime is an example of an incentive.

Such incentives help in motivating the employees and working more and staying longer hours. Apparently, an incentive might sound like a free-lunch; however, it is not. The incentive costs to the firm and the employees provide higher productivity which in turn increases profits due to the incentive. Therefore, even if it seems like the incentive is coming free of cots to the employees, the employees are actually working more to compensate for the incentive received. So, there is no free lunch.

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