Explain briefly the concept of Business, Profession and Employment?



Business : May be defined as an economic activity involving the production and sale of goods and services undertaken with a motive of earning profit by satisfying human needs in society. People engaged in business earn income in form of profit. Profession : Includes those activities which require special knowledge and skill to be applied by individuals in their occupation. Those engaged in Professions are knows as professional and earn their income in the form of professional fee. Employment: It 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 and get their income in the form of wages or salaries as per their service agreement.