Economists define the term ‘open opportunity’ as the condition in which individuals have the chance to pursue their economic interests and goals without unnecessary barriers. This concept underscores the importance of equal access to resources, markets, education, and job opportunities for everyone.
Open opportunity is closely linked to the idea of a free market where competition is encouraged, and everyone is allowed to participate in the economy. When open opportunity exists, people can innovate, create businesses, and improve their quality of life based on their talents and efforts. In contrast, when barriers such as discrimination, restrictive regulations, or limited access to capital are present, open opportunity is hindered, and economic mobility is restricted.
Thus, the term embodies a fundamental principle of many economic theories: that a society thrives when individuals are given the freedom and equal chance to succeed based on their own merits.