Final answer:
David, having foregone higher education unlike his cousin Eric, is likely to experience lower lifetime earnings and fewer job-related benefits. Educational attainment often influences career paths, but other factors like individual values and work experience also contribute to one's professional journey. Differences in self-employment rates among various ethnic groups can additionally affect career outcomes.
Step-by-step explanation:
Eric and David are cousins, both 66 years old and working full-time in the same city. Eric pursued higher education, earning a master's degree, while David began working full-time immediately after high school. Based on educational expectations and socioeconomic factors, David is likely more exposed to certain labor market realities compared to his cousin Eric.
Educational attainment significantly impacts career opportunities and earning potential. Those with higher education, like Eric, tend to have access to careers that offer higher pay, more fringe benefits, and greater job security. In contrast, David's choice to work right after high school typically aligns with fewer benefits and potentially lower lifetime earnings.
However, differences in career satisfaction and success are not solely determined by education level. Values, work ethic, market demands, and personal circumstances also play crucial roles. Employment after high school can lead to early practical experience, which feeds into opportunities for skill development and potential advancement within a company. Furthermore, rates of self-employment and entrepreneurial success differ among various groups, influenced by factors including ethnicity and immigration history.