In almost every application you have this look up entity that provides a dynamic references. This are things like type, category, etc. These entities will always have

id, name, desc

So at first I designed different entities for each look up. Like

education_type, education_level, degree_type....

But on a second thought I decided to have on entity for each of these kinds of entities. But when I am done with the design and check the relation this entity will be referenced by almost all entities in the system and I don't believe that is appropriate. So What is your take on this? Can you give me some clear pros and cons?