Compensation in chess

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dwhump

As a weak club player (elo 1280), one of the many things I have difficulty in understanding is the idea of 'compensation' in chess. How do you balance positional elements with material ones? Positionally, what is considered 'compensation' for a pawn; the exchange; minor piece sac; major piece sac?

I guess the only compensation for a queen sac is the win of the game!!