In my teens I got a regular allowance. I suppose it was supposed to be for doing chores, but they never seemed related (I did do some chores, nothing excessive. Clean up, take out trash, load dishwasher)
I was only punished when I did something monumentally stupid, which was usually because I wasn't thinking about the consequences of my actions. So about once a week. My parents couldn't possibly punish me for things like bad grades, if I got so much as a C I was so sad my parents would have to try to cheer me up.
I have this feeling that some parents see their kids as an way to offload work they don't feel like doing, but that's probably an unfair assessment.
My GF's plan for if we ever have kids is if they break something they have to fix it themselves (with guidance and help). I don't know how that would work for non-property related offenses (swearing, hurting others, being dumb).
You could always give them marlkar, right?