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Extrinsic reward: Rewards that comes from the outside, such as money, presents or praise.pay, promotion, feedback, working conditions -- things that come from a person's environment, controlled by others.
Intrinsic reward: Self-granted rewards, such as you feeling proud of yourself. Achievement, responsibility and competence. motivators that come from the actual performance of the task or job -- the intrinsic interest of the work.
let say for example, if your little brother likes to cook for you, just because he feels good doing that, or just simply because he feels proud of something he does. Then later on, when you feel like you should do something back, and started doing that something by paying him for every meal he cooks. Finally, after a few weeks, or months, he will feel like it’s his responsibility to make food for you and will not be as motivated to do so then.
Basic Premises: that specific and difficult goals, with self-generated feedback, lead to higher performance.
There are 2 types of rewards: