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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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GOOD A physical, tangible item or product used to satisfy wants and needs. A good is produced using society's resources and represents a fundamental aspect of the economy. Limited resources are used to produced the goods that satisfy unlimited wants and needs in an ongoing effort to address the problem of scarcity.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers wanting to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"Always dream and shoot higher than you know how to. Don't bother just to be better than your contemporaries or predecessors. Try to be better than yourself." -- William Faulkner, writer
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CEX
Consumer Expenditure Survey (US)
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