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 of all individuals to freely enter and participate in the marketplace. Consumer sovereignty is the idea that consumers ultimately determine what goods and services are produced through their purchasing decisions. Voluntary exchange is the act of individuals freely choosing to trade goods and services with one another.
These concepts contribute to the availability of different goods in the marketplace in the U.S. free enterprise system by promoting competition, innovation, and diversity of products. When individuals have the freedom to enter the market, make choices based on their preferences, and engage in voluntary exchanges, it leads to a wide range of goods being produced and offered to consumers.