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21 June, 00:50

Give an example of a transfer payment?

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  1. 21 June, 04:43
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    Social security

    Explanation:

    A transfer payment includes a donor and a recipient and the donor gives up something without receiving any thing in return.

    A transfer payment is redistribution of wealth and income by government without receiving any good or service in return. Such payment is on exhaustive because neither they absorb resources nor create any output. Social security, welfare and financial aid are examples of transfer payment. Transfer payments are not included in government spending o calculate gross domestic product.

    In economics transfer can be made between entities and individual such as governmental bodies and private companies, it cab be involuntary and voluntary.
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