Final answer:
Payment is the act of giving money or goods in exchange for a good or service. Compensation refers to the payment or benefits that an employee receives for their work.
Step-by-step explanation:
Payment is the act of giving money or goods in exchange for a good or service. It is a transaction that occurs between a buyer and a seller. For example, when you go to a store and purchase a new book, you make a payment to the store in order to receive the book.
Compensation refers to the payment or benefits that an employee receives for their work. It can include wages, salaries, bonuses, and benefits such as health insurance and retirement plans. For instance, if you work for a company, your compensation may consist of a monthly salary, annual bonuses, and a comprehensive benefits package.