Question

Critical external factors that affect strategies being developed within an industry are called Competitive analysis SWOT Porter's five forces PESTEL analysis

Answer 1

When analyzing a market, economists deal with the problem of simultaneous changes in multiple factors by conducting a comprehensive analysis of all the relevant factors and their impact on the market.

Step-by-step explanation:

When analyzing a market, economists deal with the problem that many factors are changing simultaneously by conducting a comprehensive analysis of all the relevant factors and their impact on the market. This analysis involves examining the different external factors that affect the market, such as competitive analysis, SWOT analysis, Porter's five forces, and PESTEL analysis. These tools allow economists to identify the key factors influencing the market and understand how they interact with each other.