TRANSFER PAYMENT: A payment made without any corresponding production or expectations of production. Unless otherwise noted (such as business transfer payments), the term transfer payments generally refers to payments by the government sector to the household sector. The three most important transfer payments in our economy are for Social Security, unemployment compensation, and welfare. The intent of these transfers payments is to redistribute income, and thus the goods and services that can be had with the income. Transfer payments surface as income received but not earned (IRBNE) added to national income to derived personal income.

     See also | government sector | gross domestic product | personal income | national income | national income and personal income | Social Security | unemployment compensation | welfare |

TRANSFER PAYMENT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: October 13, 2024].

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Taxes imposed by the government of one nation on imports from other nations. The primary goal of tariffs is to reduce imports and increase domestic production. As taxes, tariffs raise the demand price and lower the supply price, and thus reduce the quantity exchanged. Tariffs are one of three common foreign trade policies designed to discourage imports and/or encourage exports. The other two are import quotas and export subsidies.

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