Final answer:
Unit cost information is necessary for financial reporting, decision making, and costing inventory, serving as a key element in economic decisions and optimal resource utilization.
Step-by-step explanation:
Unit cost information is needed for various critical functions in business and economics. Specifically, unit cost is crucial for a) financial reporting requirements, ensuring accurate financial statements; b) decision making, where it aids in cost/benefit analyses by comparing marginal costs and benefits; and c) costing inventory, which is essential for pricing, budgeting, and strategic planning. Unit costs help businesses and financial institutions to make informed economic decisions, such as managing money, budgeting, investing, and assessing the viability of credit and loans. In essence, understanding unit costs is indispensable for optimizing the use of scarce resources in various economic decisions.