The event should be measurable in financial terms

In Accounting, there are two types. There is Cash Basis Accounting and Accrual Basis Accounting. With Cash Basis, transactions are considered to have happened when cash is exchanged, ie. a cash sale or cash payment. In the Accrual Basis, transactions are considered when the event happens. For example, a sale happens when an invoice is given. A debt happens when a bill is received.

Economic event is the 'Name of transaction where monetory values are involves"

True. Under the Cash Basis for Accounting only transactions that involve the movement of cash are recorded. In Accrual Accounting (GAAP) you would record transactions once an economic event has taken place (e.g., supplier invoice received = expense, customer invoice prepared = revenue).

Liability is that amount which is payable by company to internal or external users or people in short run or in long term or at the event of liquidation of company.