The economic concept applied in the statement is positive externality, where higher education levels benefit both individuals by increasing employment opportunities and society by providing goods and services.
Positive externality is the economic concept applied in the given statement. When individuals gain higher levels of education, they acquire skills that not only benefit themselves in terms of employment but also lead to positive effects on society by providing goods and services to others.
In this scenario, the increased education levels create a spillover effect, enhancing the overall productivity and well-being of the community beyond just the individual's personal gain. The combination of increased education leading to higher employment rates and the broader societal benefits exemplifies a positive externality.
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