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What Is a Unit of Account? Why Is It Useful

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What is a unit of account? Why is it useful for an economy to have a unit of account?


Definitions:

Sole Proprietorship

A type of enterprise that is owned and run by one person and in which there is no legal distinction between the owner and the business entity.

Business

The practice of making one's living by engaging in commerce, trading, or offering services.

Start

The beginning or initiation of an action, process, or operation.

General Partnership

A business structure where two or more individuals share ownership, profits, and responsibilities.

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