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Question
Compare business with profession and employment.
Distinguish Between
Solution
| Business | Profession | Employment | ||
| 1. | Mode of Establishment | Promoter's decision registration and other formalities as prescribed by law. | Membership of a professional body or certificate of practice. | Service contract or letter of appointment. |
| 2. | Nature of Work | Goods and services provided to the public | Personalized service of expert nature | Performing work assigned by the employer |
| 3. | Qualifications | No minimum qualification is essential. | Education and training in the specialized fields. | Minimum Qualification is essential. |
| 4. | Basic Motive | Earning profits by satisfying the needs of society. | Rendering services | Earning wages or salary by serving the employer. |
| 5. | Capital | Capital investment required as per the size of the firm. | Limited capital necessary for Establishment | No Capital required. |
| 6. | Reward | Profits | Professional fee | Salary or wages. |
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Types of Economic Activities
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