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UNIT OF ACCOUNT: The money function in which money is used as the common benchmark to designate the prices of goods throughout the economy. Unit of account, or measure of value, 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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FALLACY OF FALSE CAUSE The logical fallacy of arguing that two events have a causal connection because they are correlated (that is, happen at about the same time). In other words, one event is erroneously assumed to cause the other. This fallacy is the nemesis of the ongoing scientific pursuit to discover the laws of cause and effect.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"Most of the things worth doing in the world had been declared impossible before they were done." -- Louis D. Brandeis, Supreme Court Justice
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WAPM
Weak Axiom of Profit Maximization
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