Numéraire

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As numéraire even Numeraire-Good or standard commodity is, in economics refers to the measure of value. In other words: the price of a unit of the numeraire good is normalized to 1. The prices of the other goods can then be expressed in units of the numeraire.

It is a property of money functions to serve as a measure of value, or numeraire. In theory, however, all goods could assume this function. If you take a kilogram of bread (or a liter of beer, or an hour of work) as a numeraire, you can convert all prices into this unit.

Individual evidence

  1. Standard good - definition in the Gabler Wirtschaftslexikon.