Economics of motivation is a concept that is associated with the costs that must be met and availability of the required resources to cover these costs for a motivated behavior to happen. Arguably, there are five categories of motivation costs. The first cost is the response cost, which is related to the behavior that should be made in order to realize a goal. Second is the time required to work on achieving a goal. It would take a given span of time before the anticipated goal is realized. The third cost is the physical energy, which is the amount of calories that is spent on working towards achieving the goal.
The other type of cost is the psychological energy, which is associated with the how an individual is dedicated to the goal, continuous devotion, planning, and self-control. The last cost of motivation is opportunity costs, which entails the cost incurred for not taking alternative goals.
Resources are an important element when it comes to the concept of motivation economics. In this case, resources have been categorized into three classes. The first class is the Response Resource, which is the total or volume of behavior required to complete a goal. The second class is the Physical Energy Resources, is relates to the amount of calories that would be required to complete the task.
Finally is the Psychological Energy Resources, which is mainly the extent of self-control energy that would be required. This type of resource also is associated with adaptation energy and the personal traits to keep going towards realizing the goal. It is also worth pointing out that in economics of motivation, individuals tend to employ the least effort principle on their goals. They tend to be motivated to use less effort to achieve the goal.
