Something given in recognition of service, effort, or achievement; a benefit received as a result of an action.
From Old French 'rewarder' meaning to regard or look at, composed of 're-' (back) and 'warder' (to guard or watch). The meaning evolved from watching over to giving something in return for service.
Originally, to 'reward' meant to look back at someone's actions and judge them - the payment aspect came later. This explains why we still 'regard' people highly and have 'regard' for their opinions - it's all about the act of looking and evaluating.
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