Business, Legal & Accounting Glossary
The unit in which prices are measured. This may be a currency, but in real models, such as most trade models, the numeraire is usually one of the goods, whose price is then set at one. The numeraire can also be defined implicitly by, for example, the requirement that prices sum to some constant.
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This glossary post was last updated: 16th November, 2021 | 0 Views.