Definje the term transfer payments

Answer and explanation:

A transfer payment is money being given to a person without the obligation of providing a service in exchange. This money is the one distributed to people facing economic hardship. Programs in the United States that make transfer payments are Social Security or Medicaid. Transfer payments are taxable benefits.

Transfer payment can be defined as a payment (Initiated and completed), made or income received in which no goods or services are being paid for. It can also be called benefit payment or subsidy.

Explanation:

Transfer payment can be defined as a payment (Initiated and completed), made or income received in which no goods or services are being paid for. It can also be called benefit payment or subsidy.