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Ntroduction to Economics Unit Test

In one to two sentences, define open opportunity, consumer sovereignty, and voluntary exchange, and explain
they contribute to the availability of different goods in the marketplace in the U.S. free enterprise system. (2 pc
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User Joraff
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Final answer:

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 enter markets and pursue economic opportunities. Consumer sovereignty means that consumers have the power to determine what will be produced by their choices in the marketplace. Voluntary exchange is the act of individuals freely engaging in transactions with each other.

In the U.S. free enterprise system, these concepts contribute to the availability of different goods through competition and market forces. Open opportunity allows for new businesses to enter the market, increasing the variety of goods. Consumer sovereignty ensures that businesses respond to consumer preferences, leading to a diverse range of products. Voluntary exchange allows for the buying and selling of goods, facilitating the circulation of different products in the marketplace.


Learn more about Open opportunity, consumer sovereignty, and voluntary exchange in the U.S. free enterprise system

User Bayda
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