Explain a SWOT Analysis

question 29

Essay

Explain a SWOT analysis. Describe briefly the steps involved in a SWOT analysis.

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Definitions:

Comparative Advantage

The ability of a country or individual to produce a particular good or service at a lower opportunity cost than others, leading to more efficient international trade.

Specialize

Focusing one’s efforts in a specific domain or area of expertise, often to increase efficiency and skill.

Greater Quantity

A higher amount or number of something, usually used in reference to the production or supply of goods.

Comparative Advantage

A principle stating that if a country produces a good at a lower opportunity cost than another, it has a comparative advantage.