I was recently reading a note by Mel Hochster where he introduces the category of closed algebraic sets over an algebraically closed field $K$ a ways down on page 6.
Out of curiosity, do products and/or coproducts exist in the category of closed algebraic sets?
Yes, they do. Note, by the theorem at the bottom of page 7, that your category is dual to the category of reduced finitely generated $k$-algebras, so (if they exist) products and coproducts in fg reduced $k$-algebras are taken to coproducts and products in closed algebraic sets over $k$. Showing products and coproducts in fg reduced $k$-algebras exist should be easier, if only because its a category you are more familiar with. Just in case, here's the final answer: