Commerce Questions and Answers

Public enterprise, a business organization wholly or partly owned by the state and controlled through a public authority. Some public enterprises are placed under public ownership because, for social reasons, it is thought the service or product should be provided by a state monopoly.

An industry involved in the extraction and collection of natural resources, such as copper and timber, as well as by activities such as farming and fishing. A company in a primary industry can also be involved in turning natural resources into products. it involves industry, such as mining, agriculture, or forestry, that is concerned with obtaining or providing natural raw materials for conversion into commodities and products for the consumer.

• Educational or trade/skill level - Certainly one is limited by his/her levels and areas of education or training when choosing a profession or avocation. After detection of one's aptitudes, one should channel him/herself into areas where there is both talent and skill in order to be qualified for a position. Choosing fields that are open to employment are also essential.
• Area where one lives or wishes to live - Individuals need to be aware of what job markets are available in the location where they live or where they wish to relocate.
• Demands/Requirements of the job - Individuals will want to consider what the position will entail, such as hours of work, clothing, equipment, travel, supplies, etc that one may have to purchase. Also, individuals may have to use their own vehicle for work assignments. 
• Work Schedule - Some fields, such as recreation and retail and other sales, require a person to work evenings and weekends. If a person has a family, such a schedule could be during the time that others in the family are at home. So, the absence of the member working can affect interpersonal relations.
• Benefits available - Insurance, 401K, retirement plans, profit sharing, vacations, day care for children are all things to consider when choosing an occupation.

Technological advances that improve production efficiency will shift a supply curve to the right. The cost of production goes down, and consumers will demand more of the product at lower prices. Computers, televisions and photographic equipment are good examples of the effects of technology on a supply curve. Changes in technology can affect the demand for different products or the demand for related products. It can increase the market for a product by increasing the demand for a new product and making an older product obsolete.

In the marketing mix, the process of moving products from the producer to the intended user is called place. In other words, it is how your product is bought and where it is bought. This movement could be through a combination of intermediaries such as distributors, wholesalers and retailers. In addition, a newer method is the internet which itself is a marketplace now.