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CBSE Class 11-commerce Answered

difference between business profession and employment.
Asked by vanishasaxena132 | 22 Sep, 2021, 08:39: AM
Expert Answer
  1. Business refers to those economic activities, which are connected with the production or purchase and sale of goods or supply of services with the main object of earning profit. People engaged in business earn income in the form of profit.
  2. Profession includes those activities, which require special knowledge and skill to be applied by individuals in their occupation. Such activities are generally subject to guidelines or codes of conduct laid down by professional bodies. Those engaged in professions are known as professionals.
  3. Employment refers to the occupation in which people work for others and get remunerated in return. Those who are employed by others are known as employees. Example: Any person working for other on a salary basis such as Accountant, Sales
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