A SWOT Analysis Should Tell an Entrepreneur

question 68

Multiple Choice

A SWOT analysis should tell an entrepreneur

• A) what actions he or she might take to avoid a threat.
• B) where the business stands relative to the competition.
• C) how competitors are likely to react when a new marketing tactic is tried.
• D) All of these are correct.

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Definitions:

Factors of Production

The resources used in the creation of goods and services, traditionally categorized into land, labor, capital, and entrepreneurship.

Opportunity Cost

The real cost of an item: what you must give up in order to get it.

Explicit Cost

Direct, out-of-pocket payments for expenses incurred in business operations, such as wages, rent, and materials.

Monetary Cost

The amount of money that must be paid or spent to acquire goods, services, or assets.