Final answer:
Market-growth potential is difficult to quantify due to variables like consumer preferences and knowledge transfer in trade. Economists use models to analyze changing market factors and draw from various sources to make estimations. Nonetheless, some important economic contributions remain unmeasured.
Step-by-step explanation:
Analysts and economists attempt to estimate market-growth potential as a measure of future market value, though it presents challenges due to the dynamic nature of markets. When addressing the issue that many factors affecting the market are changing simultaneously, economists typically use models to simulate various scenarios and to isolate the effects of individual variables. They may also rely on historical data, current trends, and expert forecasts to help quantify elements such as consumer preference for variety, increased competition, and the benefits of knowledge transfer in global trade.
It is acknowledged that some gains from trade, such as the consumer benefits from product variety and competition, are not readily quantifiable. Furthermore, trade can lead to the transfer of knowledge and skills across borders, which are often unseen yet significant factors in economic statistics. These aspects include advancements in production, technology, management, finance, and law, all contributing to the growth potential of a market but not always captured accurately in statistical data.