Final answer:
The scenario illustrates the effects of socioeconomic status on education, revealing inequities in access to opportunities as higher-income families can afford better institutions, while lower-income students work and miss out on earnings.
Step-by-step explanation:
The scenario presented describes the impact of socioeconomic status on educational opportunities and outcomes. Tam is able to attend a competitive institution due to his parents' income, while Lai must work during the day and can only attend night classes, highlighting the disparity in opportunities available to students from different socioeconomic backgrounds. This reflects how students with higher social class can access better educational opportunities, while those from working-class backgrounds may struggle with financial constraints, the need to work to support their education, and the opportunity cost associated with lost earnings during study time.