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You’re the product: Facebook’s business model explained

Do you prefer organic food? Did you study in Mexico? Do you like red shoes? Such bits of information about Facebook users may seem insignificant in isolation but, once harvested on a grand scale, make the internet giant billions. Here's how: 'If you're not paying, you're the product' Newbies signing up for Facebook are greeted with the promise that the social network is "free, and always will be". But if users don't pay, then how does Facebook generate its massive profits, nearly $16 billion last year, up 56 percent…