Final answer:
Obtaining a college degree is often viewed as an investment aimed at improving material well-being and providing broader opportunities for consumption. Education is also essential for upward social mobility, through a process referred to as social placement. Despite the benefits, only a portion of the population pursues higher education degrees.
Step-by-step explanation:
Many individuals see obtaining a college degree as an essential step towards enhancing their material well-being. Strategically, it is an investment intended to widen the gap in personal incomes and provide a greater opportunity to consume goods and services. Despite the clear financial advantages, a remarkable number of individuals still forgo this educational path.
Education serves as a critical pathway for upward social mobility and is recognized as a method for achieving social placement. College and graduate schools are often perceived as vehicles for students to advance closer to careers that will offer them financial freedom and security. This prospect of social and financial elevation is a strong motivator for students who choose studies that they believe will be beneficial in the job market.