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Transfer Payments
Are any payments made to households by the government that are not made in return for the services of factors of production i.e. there is no Quid pro Quo. Such payments do not lead directly to any increase in output and for this reason they are not included in the nation GNP.
law of demand
Arguments for Uneven Distribution of Income and Wealth The basic economic argument to justify large income inequality was the assumption that high personal and corporate income
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Transfer Payments Are any payments made to households by the government that are not made in return for the services of factors of production i.e. there is no Quid pro Quo. S
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