What is a transfer income?

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  1. Earned income
  2. Disposable income
  3. Unearned income
  4. Public income

Answer (Detailed Solution Below)

Option 3 : Unearned income
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The correct answer is Unearned income.

Key Points

  • Transfer income refers to income received without providing any goods or services in return.
  • This type of income typically includes welfare payments, social security benefits, and other government subsidies.
  • It is termed unearned income as it is not earned through active employment or business activities.
  • Examples include pensions, unemployment benefits, and child support payments.
  • Transfer incomes are primarily aimed at supporting individuals and households in financial need.

Additional Information

  • Earned Income: Income derived from active work such as salaries, wages, and business profits.
  • Disposable Income: The amount of money left to spend or save after taxes have been deducted from earnings.
  • Public Income: Revenue collected by the government from various sources like taxes, fees, and public enterprises.
  • Unearned Income: Includes transfer incomes, interest, dividends, and other forms of income not resulting from labor or business activities.
  • Transfer payments are a significant part of fiscal policy, used to redistribute wealth and provide financial stability to vulnerable populations.
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