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What is the difference between decriminalization and diversion?
Economic Efficiency
The optimal distribution of resources in society, taking into account all benefits and costs.
Government Failures
Occur when government intervention in the economy leads to inefficiencies, misallocation of resources, or negative outcomes contrary to the intended goals.
Market Failures
Situations where the allocation of goods and services by a free market is not efficient, often justifying government intervention.
Economic Activities
Actions that involve the production, distribution and consumption of goods and services at all levels within a society.
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