Final answer:
In SWOT analysis, 'Opportunities' and 'Threats' are what the 'O' and 'T' stand for, focusing on external factors that can benefit or challenge the entity.
Step-by-step explanation:
In a SWOT analysis, the “O” stands for Opportunities and the “T” represents Threats. Therefore, the correct answer to the question is (a) Opportunities and Threats. Opportunities in a SWOT analysis refer to external factors that the entity can capitalize on or use to its advantage. Conversely, Threats are external challenges or obstacles that could harm the entity's performance or position. The concept of an individual opportunity set can be loosely related to Opportunities in SWOT analysis, as it also pertains to the options available to individuals or businesses under certain constraints, and involves understanding trade-offs. Similarly, recognizing potential Threats can be akin to assessing how such constraints might impact the ability to pursue certain opportunities.