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Fincash » Standard of Value

Standard of Value

Updated on August 22, 2019 , 30 views

What Does Standard of Value Mean?

A standard of value allows all merchants and economic entities to set uniform prices for goods and services. Standard of value is an agreed-upon worth for a transaction in a country's medium of exchange, such as the dollar or peso. This standard is necessary in order to maintain a stable economy. Typically, a standard of value is based on a commodity that is widely known and used, allowing it to serve as a measure for other commodities. For example, metals such as silver, gold, copper, and bronze have been used across history as forms of currency and standards of value.

standard-of-value

Standard of value will largely influence the value found in business valuations because different buyers and sellers in different circumstances will view value differently.

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