unit of account

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unit of account

n
1. (Economics) economics the function of money that enables the user to keep accounts, value transactions, etc
2. (Economics) Also called (esp US and Canadian): money of account a monetary denomination used for accounting purposes, etc, but not necessarily corresponding to any real currency: the ECU is the unit of account of the European Monetary Fund.
3. (Economics) the unit of currency of a country
References in periodicals archive ?
To combat future inflationary bubbles national governments beyond Europe's cordon sanitaire could be encouraged to establish new national units of account (NUA) indexed to inflation.
Tally sticks and paper instruments denominated in units of account were issued by the state, merchants and producers.
Indexed units of account are a realistic way to encourage widespread indexation, and they are virtually costless to create.