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
Open opportunity refers to the idea that individuals can freely compete in the marketplace without any barriers. Consumer sovereignty is the principle that consumers have the power to determine what goods and services are produced through their choices. Voluntary exchange is the process in which individuals freely exchange goods and services based on mutual agreements.
These principles contribute to the availability of different goods in the marketplace in the U.S. free enterprise system by allowing for competition among producers, incentivizing businesses to respond to consumer demand, and enabling individuals to freely trade with one another to obtain goods that best fit their preferences. This leads to a diverse range of goods being produced and offered in the marketplace to meet the varying needs and wants of consumers.