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 ability for individuals to enter and compete in the marketplace without restrictions. Consumer sovereignty is the idea that consumers have the power to determine what goods and services are produced through their purchasing decisions. Voluntary exchange is the act of buyers and sellers willingly engaging in transactions based on mutual agreement.
These principles contribute to the availability of different goods in the marketplace in the U.S. free enterprise system by fostering competition, innovation, and efficiency. When individuals are free to enter the market, consumers have a wide range of choices and can influence production based on their preferences. Voluntary exchange allows for the efficient allocation of resources as goods are produced based on consumer demand.