Distinguish between business,profession and employment - 10215140 One of the biggest differences between self-employment and employment … Understanding the differences can help you figure out what it is you want to do for a living. Specialized personal services for a fee with discretion to work. Profession and occupation are almost the same, with only minor differences between them.. People remain especially confused between vocation and profession as they have similar meanings and often used interchangeably by people. Nature of work Supply of goods and services to the customers for money. Distinguish between Business Profession and Employment on the following basis : asked Apr 10, 2018 in Class XI Business Studies by priya12 ( -12,631 points) natureofbusiness Occupation vs Profession. Comparison of business, profession and employment: 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. Performing work according to the orders of the employer with no discretion. Differences between Business, Profession and Employment Employment Basis of difference Business Profession Employment 1. The words occupation and profession are interchangeable. Answer:- Economic activities may be divided into three major categories (i) 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. ... there are differences between vocation and profession that will be brought out in this article. IRS Small Business Week Tax Tip 2017-04, May 3, 2017 Millions of people enjoy hobbies that are also a source of income. Entrepreneurship most commonly manifests in the form of self-employment. One such difference is that occupation does not require any sort of training in a particular field, but the profession requires specialization in a specific area and that is why training is must. These include, employment, job, profession, vocation, occupation, and so on. Job, occupation and career all relate to the same thing -- what you do to earn your living. The difference between occupation and profession can be stated with a simple example: Designing a building would be called a profession, whereas, constructing a building is an occupation. Q.2:- Compare business with profession and employment. The difference between these terms is more than semantics. Many of us want job that is employment but many of us want to start business also. • A profession has many jobs, and a job is only a part of a profession. From catering to cupcake baking, crafting homemade jewelry to glass blowing -- no matter what a person’s passion, the Internal Revenue Service offers some tips on hobbies. Difference between Business, Employment and Profession Dear Friends, you must have heard about business, employment and profession. Ten important differences between occupation and profession are discussed in this article. Once you understand that a job is something that comes under a profession, then the confusion between profession and job will disappear. An entrepreneur is someone who starts a new organization – a business, or takes on an existing organization with the intent to revitalize it. These are the differences between profession and job. More than semantics in the form of self-employment a profession all relate to the same, only! And career all relate to the orders of the employer with no discretion no discretion business employment! 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