The price of a substitute in production is the anticipated effect of the subsidy on the supply of private education.
What is meant by private education?
- In general, private education is that which is provided in institutions that are largely privately funded, deriving most of their income from school fees, which are usually paid by parents. Private schools in some cases also receive some funding from donations and grants received from benefactors.
- Six hundred and fifteen thousand children attend approximately 2,500 independent schools in the UK. In England this represents about 7% of the school-age population; in Wales it is lower.
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