Question

Julio is given $10 in allowance money. He heads down to the store and finds two games that he can buy. In comparing the prices of these goods, Julio is using money as a _____.

Answer 1

As a unit of account.

Answer 2

Unit of Account

Step-by-step explanation:

A unit is a generally accepted convention used in quantifying or representing quantities. It generally accepted to cater to the valuation of such things or quantities. The meter, kilogram, seconds are all units used in the valuation of their corresponding quantities.

In business, the value of goods and services are evaluated in monetary terms. Each good and services, all business transactions have a corresponding monetary equivalent. Money in the case is the unit of account.

In our illustration, Julio is given $10 in allowance money to go shopping. The goods he wants to purchase have been tagged with corresponding prizes, and money is used as a unit of account.