social products


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social products

or

merit goods

or

public goods

the GOODS and SERVICES that are provided by the state for the benefit of all or most of the populace (education, health, housing, etc.). Unlike PRIVATE PRODUCTS, there is no direct link between the consumption of a social product and payment for it. Social products are paid for out of general taxation and not by individual consumers buying in the market place. See also COLLECTIVE PRODUCTS.
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