Difference between Business, Profession and Employment is covered in Chapter 1 of Business Studies in Class 11 of NCERT Syllabus. We will discuss the same here.
First let us get a brief introduction of all the three.
What is Business?
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.
Examples: Grocery Shop, Hair Salon, Medicine Shop etc. are among the vast examples of business.
What is Profession?
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.
Examples of Professionals: Doctors, Engineers, Chartered Accountants etc.
What is Employment?
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 Manager, Peon etc.
Difference Between Business, Profession and Employment
The differences between business, profession and employment can be explained by the help of this table below:
So that was the difference between Business, Profession and Employment. Hope you liked it.