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What is the purpose of conducting Michael Porter's five forces analysis? Describe the five forces that such an analysis focuses on.
Opportunity Cost
The loss of potential gain from other alternatives when one alternative is chosen; the value of the next best alternative foregone.
Specialization
The process of focusing on and becoming expert in a particular subject or skill.
Production
The process of creating goods and services by combining labor, land, and capital to generate output.
Comparative Advantage
A person's, corporation's, or country's capability to manufacture a good or provide a service with a smaller opportunity cost than that of its competitors.
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