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One is status controlled and the other is not.
Purchasable & Customer Ordered Enabled - Under status controlled
you cannot change these without changing the status of the item.
Purchased and Customer Ordered - Not under status controlled.
If you change the values of these automatically the values of Purchasable & Customer Ordered Enabled set.
This means, if you do not want to change the status of the item but change only one of these attributes use the attributes that are not under status control (Purchased or CUstomer ordered) to stop buying or selling.
Let me try and explain this from a business prespective , expanding to Nagamohan's reply.
There are times when an item is defined as purchased and purchasable. Now for some reason the item is declared obsolete or the vendor is sending bad quality samples. So for some reason you would like to stop all purchasing activities for this item. In this case the purshasable check box can be ticked "off ". So the purchasing activities for this item will be on hold. Once a new vendor is identified and the business is ready to go resume the Purchasing activities , then you can tick "on" the checkbox.(Note that you can not have purchasable OM and purchased OFF).
Q : So why have 2 checkboxes ?
If the purchasable is ticked off for some reason , we/the system still knows that this is a purchased item.This can be used for analytics /reports etc.
Same analogy holds true for customer enabled.
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Small correction: You cannot tick off the Purchasable or Customer Orderable flag.
They are status controlled. Only by changing the status you can enable or disable these attributes. Status allows you track the life cyle of the product (in a simple way).
If you turn-off the Purchasable Flag, you cannot create Purchase orders any more. But having Purchased flag on allows you to receive against the existing approved POs.
Same holds good for Customer Orderable and Customer Ordered. Diabling customer orderable stops you from creating Sales Orders, but having Customer Ordered allows you ship the existing orders.
Is Order Management installed?
FROM apps.fnd_application_tl a,
WHERE a.LANGUAGE = 'US'
AND a.application_id = b.application_id
AND a.application_id = fa.application_id
--AND (b.status != 'N' OR patch_level IS NOT NULL)
ORDER BY APPLICATION_NAME
Is the status S or I?