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A man breaks into your house and steals several items. Upon breaking in he destroys a lock to get into the house. Upon leaving he knocks over, and breaks, a vase that was given to you by your great grandmother who you loved very much. The man is caught and all of your goods are returned to you. As a part of the sentencing he is required to reimburse you for the vase he broke and any damage done to your house when breaking in. The judge awards you $5 for the lock (the cost of the lock at a hardware store) and $50 dollars for the vase (the cost of a very similar vase at a retail store). Was the compensation fair for the lock? For the vase? Why or why not?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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