What is the difference between intrinsic and extrinsic motivation?

Extrinsic Motivation refers to the motivation that comes from external factors, such as rewards or punishments. For example, a person might be motivated to complete a task because they will receive a monetary reward or to avoid a penalty. Essentially, the source of motivation is external to the individual. Intrinsic Motivation refers to the motivation that comes from within the individual. This motivation is driven by personal enjoyment, a sense of accomplishment, or the inherent satisfaction of the task itself. For example, a person may be motivated to play a musical instrument simply because they enjoy making music, not because they will receive a reward.