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.)