Commerce 2015 Jamb Examination

Fear of Price Increases: When a public service is privatized, there's a concern that the new private company will raise prices to maximize profits, leading to higher costs for consumers. This is a key reason for citizen opposition to privatization, especially for essential services like healthcare or transportation. 

The primary market is the market for new securities where companies offer shares for the first time to raise capital. This contrasts with the secondary market where existing shares are traded between investors. Understanding this distinction is fundamental in finance and stock market operations.

Division of labour involves assigning specific tasks to workers based on specialization. This increases productivity, enhances efficiency, reduces production time, and generally increases the quantity of goods and services produced. While it may also reduce costs and sometimes allow more variety, the primary effect is higher output.

Analogue computers process data that varies continuously and are designed for measurements like length, distance, temperature, or voltage. They differ from digital computers which process discrete values. Analogue computers are particularly suitable for simulations requiring continuous data inputs.

The Internet is a global system of interconnected networks that allows users to send electronic messages (emails), access information, communicate over long distances, and share data. While it can support multiple communication methods, its primary function is electronic data exchange and messaging.

The Sale of Goods Act 1893 distinguishes between "conditions" and "warranties". Conditions are essential terms of a contract, breach of which allows the buyer to reject goods, while warranties are secondary terms, breach of which only allows for damages. Therefore, the implied provisions include conditions and warranties.

Communication allows businesses to connect with their customers, suppliers, and other stakeholders to understand their needs, share information about products and services, and negotiate deals. This interaction is crucial for efficient business operations. 

The marketing concept emphasizes identifying and meeting the needs and wants of consumers effectively and efficiently. Firms operating under this concept focus on understanding customers, delivering satisfaction, and building long-term relationships rather than just selling products.

An open indent authorizes an importer to procure goods from any manufacturer without being tied to a specific supplier, offering flexibility in sourcing. In contrast, a closed indent specifies a particular manufacturer from whom the goods must be obtained.

Authorized capital is the maximum number of shares a company is allowed to issue. If only half have been issued and fully paid, the remaining shares are part of the authorized capital but have not yet been issued to shareholders. They are available for future issuance.