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:
Welcome to the NCERT Solutions for Class 11 Business Studies - Chapter . This page offers a step-by-step solution to the specific question from Excercise 2 , Question 3: Compare business with profession and employment.....
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