Lesson 1 / 4 · 9 min · take your time
A unit of account is a shared name for a count
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A unit of account is a shared name for a count
Money, in the boring classroom sense, is a way to count. Economists still use three jobs: a unit of account, a medium of exchange, a store of value. A on this is usually only the loud middle job. The boring job — naming the count — is the one states argue about for centuries.
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Money, in the boring classroom sense, is a way to count. Economists still use three jobs: a unit of account, a medium of exchange, a store of value. A on this is usually only the loud middle job. The boring job — naming the count — is the one states argue about for centuries.
A state (or a union of states) names a unit: dollar, yen, euro, rial, naira, rupee, won. The name is a law and a habit. It is not a candlestick we will sell you. If your uncle says “the dollar is just a feeling,” you can tell him a unit of account is a shared feeling with a and a court. Then you can still refuse an FX ticket.
FX — exchanging one unit for another — is a real market at licensed shops. This desk does not send those orders. A teaching on EURUSD, if we show it, is looking, not a ticket. in FX is a leak, same as anywhere. here cannot pay that leak in real money because paper here is fake.
Human: once you see that a currency is a named count, a lot of shouting gets quieter. The shouting will return in the next . You can keep the quiet.
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