Numéraire

As a numeraire (or numeraire good), the measure of value is referred to in economics. In other words, the price of a unit of the numeraire good is 1 Prices of other goods can then be expressed in units of the numeraire.

It is a property of the functions of money to serve as a measure of value, or numeraire. All goods could theoretically but accept this function. Taking a kilo of bread (or one beer, or one hour of work ) as numeraire, you can convert all prices in this unit.

• Economics