Unit of account
Unit of account is the common way in which market values are measured in an economy.
Definitions
According to Principles of Economics by Timothy Taylor (3rd edition),
- Unit of account. The common way in which market values are measured in an economy.
According to Macroeconomics by Mankiw (7th edition),
- Unit of account. The measure in which prices and other accounting records are recorded; one of the functions of money. (Cf. medium of exchange, store of value.)