Final answer:
The pursuit of an activity for external reward, such as money or praise, is called extrinsic motivation. It is different from intrinsic motivation, which is driven by personal satisfaction and internal feelings. An example of extrinsic motivation is mowing a yard for payment.
Step-by-step explanation:
The pursuit of an activity for external reward is called extrinsic motivation. This type of motivation arises from external factors, such as receiving money, praise, or another type of reward from others for engaging in a behavior. An example of extrinsic motivation could be a student attending college primarily to obtain a degree that will help them land a high-paying job or to satisfy their parents' expectations, rather than for the personal satisfaction of learning and becoming more well-rounded.
In contrast, intrinsic motivation is when behaviors are performed due to the sense of personal satisfaction that they bring. It comes from within the individual and is driven by internal feelings and fulfillment.
An interesting phenomenon related to motivation is the overjustification effect, where intrinsic motivation can be diminished when extrinsic rewards are introduced. For instance, if an individual enjoys an activity such as baking as a hobby but then receives payments for it, the activity may begin to feel more like work, and the individual's intrinsic motivation might decrease.
Example:
Carl mows the yard of his elderly neighbor each week for $20. The type of motivation Carl has for doing this task is extrinsic motivation.