The economic concept applied in the given statement is a positive externality.
Here's an explanation to support this answer:
1. Positive externality occurs when the production or consumption of a good or service benefits a third party not directly involved in the transaction.
2. In this case, when students invest in higher levels of education, they acquire skills that not only benefit themselves by increasing their employability but also benefit society as a whole by providing goods and services to others.
3. The positive impact of education on both the individual (students) and society through the provision of goods and services qualifies it as a positive externality.
Therefore, the economic concept at play in the statement is a positive externality because the benefits of education extend beyond the individual student to the broader community.
