when economists say that money serves as a unit of account, they mean that it is group of answer choices declared as legal tender by the government. a monetary unit for measuring and comparing the relative values of goods. a way to keep wealth in a readily spendable form for future use. a means of payment.

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19-12-2022
Business

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when economists say that money serves as a unit of account, they mean that it is group of answer choices declared as legal tender by the government. a monetary unit for measuring and comparing the relative values of goods. a way to keep wealth in a readily spendable form for future use. a means of payment.

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AarushiAanand AarushiAanand · Answer 1 · 2022-12-26T11:41:09-05:00

The term "money" is used by economists to describe the following things: a. revenue from the sale of commodities and services.

People often utilize money as a form of asset to buy goods as well as services inside an economy. The fact that money functions as just a unit of account is among its most significant qualities. A unit of account would be anything that can be utilized to compute, record debts, and value commodities as well as services.

Money is applied to indicate the value of products and services as an accounting unit. By removing the requirement to express this same price within each commodity in measures of every other commodity, this monetary function increases economic efficiency or reduces transaction costs.

The market worth of commodities, services, as well as other transactions is measured using a unit of account, which is a commonly chosen monetary unit.

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