token economy
A 'token economy' is a behavior modification system where tokens are used as rewards to encourage desired behaviors, applicable in both psychological and economic contexts.
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Definition
B2Psychology
(technical, educational, therapeutic)A behavior modification system where individuals earn tokens for specific actions, which can be exchanged for rewards.
Example
- In the classroom, the teacher implemented a token economy to encourage students to complete their homework on time.
C1Economics
(technical, cryptocurrency)An economic system where digital tokens are used as a medium of exchange.
Example
- The new cryptocurrency platform operates on a token economy, allowing users to trade tokens for various digital assets.