Transfer Payments -> Gifts, remittances, and grants are unilateral transfers where no goods, services, or assets are received in return. These are categorized as transfer payments in the current account of the Balance of Payments. Transfer payments include both private transfers (remittances from workers abroad, personal gifts) and official transfers (grants from foreign governments, international aid). Unlike trade in goods/services or factor income, transfer payments represent one-way flows without any quid pro quo. -> correct