Question

Give a brief note on unit of account

Answer 1

A Unit of Account in economics is a nominal monetary unit of measure or currency is used the real value (or cost) of any economic item; i.e. goods, services, assets, liabilities, income, expenses. It is one of Three well- known functions of money. It lends meaning to profits, loses, liability, or assets.

Answer 2

Money serves  as a common item in which the price of all goods and services can be set the value of goods in terms of money by which is medium through which we can calculate the value of each and every goods the value of goods in terms of money is called price