The basic principles that are fundamental to American free enterprise include:
- Open Opportunity: Individuals have the chance to enter the market and compete.
- Private Property: Individuals and businesses have the right to own and control their property.
- Contracts: Agreements between parties that are enforceable by law, promoting trust in transactions.
- Voluntary Exchange: Transactions are made voluntarily in a free market.
- Profit Motive: The desire to earn a profit drives innovation and economic activity.
- Legal Equality: All individuals have the same legal rights and protections in the marketplace.
- Competition: The presence of multiple sellers in the market fosters innovation, quality, and consumer choices.
Thus, the correct answer that includes these principles is:
open opportunity, private property, contracts, voluntary exchange, profit motive, legal equality, and competition.