opportunity cost is the (next) best alternative forgone

graduates are more likely to be skilled and this makes them more productive

Yes, they may cause external costs e.g. pollution, global warming, damaging people’s health, reducing living standards, damaging local economies

Tax revenue can be used to e.g. subsidise products with external benefits example buses

When demand changes by a smaller percentage than the change in price and when PED is less than 1.

Yes, they will learn new skills/gain qualifications, their employment opportunities are likely to increase, they are likely to earn a high wage

No, industry employs large numbers, may reduce the output/revenue from them, reducing GDP/economic growth and causing unemployment

An increase in demand is caused by a change in an influence on demand other than a change in the price of the product

No, poor families may not be able to afford the cost, this could reduce the number of graduates, lowering potential output, increasing income inequality

decrease in the price of a substitute, if a substitute becomes cheaper people will switch to it

Yes, some people will be able to purchase food at a lower price

An extension in demand is caused by a change in the price of the product, rise in quantity demanded. it is shown by a movement along the demand curve

The total benefit to society of an economic activity or external benefit + private benefit