Compare business with profession and employment
Answers
Answer:
The main objective of business is to earn a profit. The main objective of a profession is to provide service. The main objective of employment is to earn income in the form of salary by satisfying the employer. ... It involves production, purchase & sale or exchange of goods & services.
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Business
Business refers to those economic activities, which are connected with the production or purchase & sale of goods or supply of services with the main object of earnii a profit. To earn income in the form of profit people engage themselves in business. Example :- fishing, mining, farming, manufacturing, wholesales etc.
professions
professions includes those activities, which require special knowledge & skill to be applied by individuals in their occupation. Those engaged in professions are known as professionals. professionals are generally subjected to guidelines or codes of conduct laid down by professional bodies.
Examples:- lawyers are engaged in the legal profession, governed by the bar council of India & charted accountants belonging to the accounting profession are subject to the regulation of the institute of charted accountants of India.
Employment
Getting remunerated in return for the work done for other refers to an employee. Employees are the people who are employed by others. Thus, people who work in factories, offices of banks, insurance companies or government departments, etc at various posta are the employee of these organisations. They receive wages & salaries.
Examples, working in offices, banks, insurance companies, shops, as a manager, clerk, peon, salesman, etc.
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