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Economics explained
Category:
types of goods
Merit goods
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Merit good
A merit good is defined as a good that is better for a person than the person who may consume the good realises.
Due to information failure, merit goods tend to be
under-produced and
under-consumed
The government may feel that people consume too little of things that are good for them: things such as education, preventative health care and sports facilities.
Merit goods produce positive externalities.
The government could either provide them free or subsidise their production.
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