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Explain how the market can reduce the incentive for credit-rating firms to take advantage of conflicts of interest.
Postindustrialism
A phase in economic development marked by a shift from manufacturing-based economies to those dominated by service-oriented, information-rich activities.
Education Importance
The significance attributed to acquiring knowledge and learning skills, seen as key to individual development, social progress, and economic growth.
Leisure Time
Free time that an individual can spend away from work, chores, and other obligations, often engaging in recreational activities.
Ascribed Status
A social position assigned at birth or involuntarily later in life, not based on achievements or abilities.
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