Question

COURSE TOOLS

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)
BI
IC

Answer 1

Open opportunity, consumer sovereignty, and voluntary exchange contribute to the availability of different goods in the U.S. free enterprise system.

Step-by-step explanation:

Open opportunity refers to the freedom individuals have to pursue any type of economic activity or occupation. Consumer sovereignty is the power consumers have to determine the types and quantities of goods produced through their purchasing decisions. Voluntary exchange occurs when buyers and sellers willingly engage in transactions based on mutual agreement and benefit.

In the U.S. free enterprise system, these principles contribute to the availability of different goods in the marketplace by allowing individuals to enter various industries, giving consumers the ability to influence production through their choices, and enabling mutually beneficial transactions between buyers and sellers.

Learn more about The role of open opportunity, consumer sovereignty, and voluntary exchange in the U.S. free enterprise system