When a good benefits society externally, it signifies that its production or consumption has beneficial impacts that go beyond the consumer or seller's immediate circle.
What are Positive externalities?
Positive externalities which are these external benefits that are enjoyed by individuals or the community as a whole, increase overall wellbeing.
When positive externalities exist, the market might not adequately recoup the social gains which could result in underproduction or under consumption from the standpoint of society. Under such circumstances, governments may step in to encourage the supply of these products or services by grants, public assistance, or other incentive programmes.
In conclusion products that assist society externally have advantages that go beyond the customer or seller and promote the growth and well-being of the larger community.