Question

Introduction to Economics Unit Test

Introduction to Economics Unit Test
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)
BIUE 18
Short Answer Rubric (2 points)

Answer 1

Open opportunity, consumer sovereignty, and voluntary exchange contribute to the availability of different goods in the U.S. free enterprise system by encouraging competition, allowing consumers to influence production, and enabling free transactions.

Step-by-step explanation:

Open opportunity refers to the ability for individuals to freely enter and compete in the marketplace, which encourages innovation and variety of goods. Consumer sovereignty means that consumers have the power to determine what goods are produced based on their preferences and purchasing decisions. Voluntary exchange refers to the ability for buyers and sellers to engage in transactions without coercion, leading to a broader range of goods available in the marketplace in the U.S. free enterprise system.

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