Final answer:
Competitor analysis is not part of an economic analysis in the general environment as it is specific to an industry analysis. Economists use quantitative models and statistical methods to study changing market factors.
Step-by-step explanation:
Among the options given for identifying elements in an analysis of the economic portion of the general environment, Competitor analysis would NOT be identified. Economic analysis typically considers broad market trends and factors that can influence the broader economy like technological changes, social dynamics, and political regulations. Competitor analysis, on the other hand, focuses on the strengths, weaknesses, strategies, and positions of businesses within the same industry or market, which is more specific to an industry analysis or a company's competitive strategy.
When economists analyze markets, they often face the challenge that many factors affecting the market are changing simultaneously. To handle this, they utilize various quantitative tools and models that can hold some variables constant (ceteris paribus) while they study the effects of changing others. They may also use statistical methods to control for variables, run econometric models, or conduct sensitivity analyses to understand the impact of changes in different conditions.