Difference between revisions of "Unit of account"
(Created page with "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...") |
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According to [[Principles of Economics by Timothy Taylor (3rd edition)]], | 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. | :[[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.) | ||
[[Category: Economics]][[Category: Articles]] | [[Category: Economics]][[Category: Articles]] | ||
Latest revision as of 19:40, 2 July 2020
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.)
