In one to two sentences, define open opportunity, consumer sovereignty, and voluntary exchange, and explain how they contribute to the availability of different goods in the marketplace in the U.S. free enterprise system.(2 points)
Open opportunity refers to the unrestricted entry of individuals or businesses into economic activities, ensuring fair competition and providing opportunities for entrepreneurship. Consumer sovereignty refers to the freedom of consumers to make their own choices and decisions in the marketplace, ultimately shaping the production and availability of goods based on their preferences. Voluntary exchange refers to the mutual agreement between buyers and sellers to trade goods or services based on their own self-interest, enabling a diverse range of products and services to be available in the marketplace. These principles collectively contribute to the availability of different goods in the U.S. free enterprise system by fostering competition, incentivizing innovation, and allowing market forces to determine the supply and demand for goods.
