One of the functions of money. A unit of account represents a standard numerical “nominal” monetary unit (a currency as a medium of exchange) at which the market value (real value or cost) of goods, services, and other transactions are measured or to which prices are referred (and quoted). It provides a common reference point on which value is conveyed from an economic agent to another in a marketplace setting.
This function provides a base of comparison amongst values of different things (products, services, etc.) being exchanged in an economy.
