Final answer:
Non-payment describes the failure to provide compensation for goods or services in financial transactions, which constitutes property theft for the service provider and can severely impact economic growth. The correct answer is option: c) Non-payment
Step-by-step explanation:
In the context of financial transactions, the term that is used to describe the failure to provide compensation for goods or services is c) Non-payment. For instance, if a skilled surgeon performs an operation and does not receive payment as agreed upon, this constitutes non-payment. The surgeon, expecting compensation, experiences property theft, as the services provided are considered their property.
In a society where property rights and contractual rights are enforced, the surgeon would have legal recourse to ensure payment is made. Without enforcement of such contracts, economic growth would likely face significant obstacles, as it would be riskier for individuals to enter into agreements for services, fearing the risk of non-payment.