Macroeconomics notes

1. Non-market Transactions: Transactions covering goods and services that their producers supply to others free or at prices that are not economically significant.
2. Investment: The production of goods that will be used to produce other goods.
3. Types of Unemployment: 

• Frictional Unemployment: unemployment that comes from people moving between jobs,careers, and locations. Ex: people entering the work force from school, people re-entering the the work force after raising children, people changing employers, people changing careers due to change interest. 
• Structural Unemployment:Unemployment that comes from there being an absence of demand for workers that are available. Changes in technology. Changes in taste.
• Cyclical Unemployment: Occurs when the unemployment rate moves in the opposite direction as the GDP growth rate. So when GDP growth is small or low unemployment is high.
• Seasonal Unemployment: Unemployment due to changes in the season- loss of job because job is seasonal only around at a certain time of year.