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MEASURE OF VALUE: The money function in which money is used as the common benchmark to designate the prices of goods throughout the economy. Measure of value, or unit of account, means money is functioning as the measuring unit for prices. In other words, prices of goods are stated in terms of the monetary unit. This is one of four basic functions of money. The other three are medium of exchange, store of value, and standard of deferred payment.

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RISK POOLING

The process of combining the risks facing individuals into larger groups. This process can be used effectively to transfer individual risks to the entire group. This makes it possible to calculated the risk for the group. Risk pooling is the standard technique that enables the provision of insurance services.

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ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time at a dollar discount store wanting to buy either storage boxes for your family photos or a large, stuffed giraffe. Be on the lookout for cardboard boxes.
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This isn't me! What am I?

Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"Difficulty is the excuse history never accepts. "

-- Edward R. Murrow, News broadcaster

AAT
Association of Accounting Technicians
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