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What economic concept is applied in this statement?

By earning higher levels of education, students learn skills and are more likely to be employed. In their jobs, they use their skills to provide goods and services to others.

A. equilibrium
B. law of demand
C. law of supply
D. negative externality
E. positive externality



Answer :

GinnyAnswer

Final answer:

The economic concept applied in the statement is human capital, which explains how education and skills influence wages for high-skilled labor.


Explanation:

Human capital is the economic concept applied in the statement regarding the relationship between education, skills, and employment.

When individuals acquire human capital through education and training, they increase their value to employers, leading to higher wages for high-skilled labor due to greater demand and limited supply. In the long run, the increased premium is moderated as the market adjusts.


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