Unit of account

Unit of account

Nominal monetary unit used to measure, define, record, and compare value

A unit of account is a fundamental monetary unit used to measure value, making it possible to compare the values of various unrelated commodities.

Being a unit of account is a basic function of currency. The existence of a common unit of account shared by separate groups or individuals is useful for facilitating trade between them, as it provides a means of clearly measuring the relative value of the commodities being exchanged.

The most common units of account in the world today used for international transactions are the US Dollar and the Euro.

Timeline

People

Name
Role
LinkedIn

Further reading

Title
Author
Link
Type
Date

What is Unit Of Account? definition and meaning

Web

Documentaries, videos and podcasts

Title
Date
Link

Money as a Unit of Account: Definition, Function & Example - Video & Lesson Transcript | Study.com

Companies

Company
CEO
Location
Products/Services

References

Golden logo
Text is available under the Creative Commons Attribution-ShareAlike 4.0; additional terms apply. By using this site, you agree to our Terms & Conditions.