Final answer:
Most businesses in the equine industry operate using a Free Market approach, allowing for flexibility and competition. As a business owner, I would prefer to follow this approach for the benefits it offers.
Step-by-step explanation:
In the equine industry, most businesses operate using a Free Market approach. In a Free Market, businesses are driven by supply and demand, and prices are determined by the market forces. In this approach, businesses have the freedom to make their own decisions and compete with each other.
Some businesses may also follow a Social Contract approach, which focuses on building relationships and mutual trust with customers and stakeholders. However, this approach is less common in the equine industry compared to the Free Market approach.
As a business owner in the equine industry, I would prefer to follow the Free Market approach because it allows for flexibility and competition, which can lead to innovation and growth. It also gives businesses the freedom to make their own decisions and adapt to the changing market conditions.