1. doing all your chores/getting good grades and getting to hang out with friends. If you show respect by following their rules, they show you respect by allowing you freedoms.
2. listening to what they have to say. You will gain a better insight into what kind of people they are, and in turn they will grow to like you and want to know you better too. Listening is important.
3. completing work on time shows initiative and will keep you on your teachers good side. They will have a higher respect for you when grading your work.
4. simply greeting them when you see them is important, as ignoring them could leave them with a pretty bad impression of you. Showing respect by acknowledging people's presence is often overlooked, but it's important. They'll be more considerate of you when making loud noises, leaving the outside lights on, or other disturbances.
I hope this helps