UNIT OF ACCOUNT
The Unit of Account pertains to a property of money. To be specific, it is a measurement for value. This may be related to fiat currency, cryptocurrencies, or any other financial instrument that allows for evaluation and comparison of the value of things.
In the field of economics, the Unit of Account refers to the major functions of money. This is related to money’s ability to measure the value of certain property, goods, or services. This allows for the evaluation of a wide range of specific products and the comparison of such in monetary values based on the national currency they are sold in.
Money is used as a Unit of Account as it bears the ability to evaluate almost everything that man produces and consumes in the market. In turn, this property grants money the capability of being lent and borrowed.