Question

distinguish between
1)Industry and commerce
2) business and commerce
3) business and profession
4) employment and profession​

Answer 1

Answer:

The industry is all about the production of goods, whereas commerce focuses on their distribution of goods and services.

While business can be an entity, commerce refers to trade and trade-related activities. Commerce focuses on buying and selling part of a business whereas there is much more to a business than just buying and selling

Business is an economic activity concerned with the production or purchase and sale of merchandise and rendering of services with the purpose of earning profit. Profession is a form of economic activities, wherein special skills, knowledge and expertise is required to be applied by the person, in his occupation.

Profession vs Employment

The difference between profession and employment is the main objective of a profession is to provide service; on the contrary, the objective of employment is to earn income in the form of salary by providing satisfactory work to the employer.