Question

in one sentence define open opportunity consumer sovereignty and voluntary exchange and explain how they contribute to the availability of different goods in the marketplace in the us free enterprise system

Answer 1

Open opportunity refers to the ability for individuals to engage freely in economic activities, consumer sovereignty is the power of consumers to determine what goods and services are produced through their purchasing choices, and voluntary exchange is the mutual agreement between buyers and sellers to trade goods and services; together, these principles in the U.S. free enterprise system promote competition and innovation, leading to a diverse range of goods and services available in the marketplace.