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UNIT OF ACCOUNT

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The Wikipedia entry

  
 

Reviewer Comment:
This is one of the functions of money described in economics theory. By designating a specific named something - such as a dollar or a ounce of gold as the base unit. Then the 'value' of various different goods or services - such as a bushel of grain, a haircut, a pound of iron - can all be esablished in terms of this unit. It has a somewhat different idea in financial accounting parlance.

 
 

For centuries philosophers, economists, merchants and rulers have sought to establish a fixed and unchanging value for this unit, so that the relative values of all goods and services denominated in this unit would not fluctuate. But this has not been possible.

  

 
 

 
 

 
 



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