Explain the terms: Business, Profession and Employment.
4 Marks
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.
○°Defination of Business°○
A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities.
○°Defination of Profession°○
A profession is an occupation founded upon specialized educational training, the purpose of which is to supply disinterested objective counsel and service to others, for a direct and definite compensation, wholly apart from expectation of other business gain.
○°Defination of Employment°○
Employment most generally means the state of having a paid job—of being employed.