Compare business with profession and employment.
Business: It implies business or the state of being buys. Business means an enterprise engaged in the production and distribution of goods for sale in the market or rendering of services for a price.
Profession: Profession is an occupation involving the provision of personal services of a specialized and expert nature.
Employment: It involves working under contract of employment for or under someone known as the employer in return for wages or salary.
| Basis | Business | Profession | Employment |
|---|---|---|---|
| Mode of Establishment | Promotes take decision, registration and other formalities as prescribed by law. | Membership of a professional body or certificate. | Service contact or letter of appointment. |
| Nature of Work | Goods and services provided to the public. | Personalized. | Performing work assigned by employer. |
| Qualification | No minimum qualification is essential. | Specialized knowledge. | As per service requirement. |
| Basic Motive | Earning profits by satisfying needs of society. | Rendering services. | Earning salary or wage by serving the employer. |
| Capital | Capital investment required as per size of the firm. | United capital required. | No capital required. |
| Reward | Profits. | Professional fee. | Salary or wages. |
| Risk | Profits are uncertain and irregular. | Fees are regular and were negative. | No risk. |
| Transfer of Interest | Transfer of interest is possible with some formalities. | Not possible. | Not transferable. |
NCERT questions are designed to test your understanding of the concepts and theories discussed in the chapter. Here are some tips to help you answer NCERT questions effectively:
This question is important because it tests key concepts from the NCERT syllabus and is frequently asked in CBSE exams.
This question is based on core NCERT concepts explained in the chapter and should be revised thoroughly before exams.
Students often lose marks by skipping steps, writing incomplete explanations, or misunderstanding keywords used in the question.
Business: It implies business or the state of being buys. Business means an enterprise engaged in the production and distribution of goods for sale in the market or rendering of services for a price.
Profession: Profe...
Step-by-step explanation:
• Business: It implies business or the state of being buys
• Business means an enterprise engaged in the production and distribution of goods for sale in the market or rendering of services for a price
•
•
• Profession: Profession is an occupation involving the provision of personal services of a specialized and expert nature
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