Q.Write short notes on :

Business is a profit-seeking activity of producing/trading goods and services with risk; a profession is a skilled personal service governed by a professional body and rewarded by a fee.

These are two of the main forms of economic activity in the TN HSC Class-11 Commerce syllabus.

(a) Business

• An economic activity concerned with producing, or buying and selling, goods and services.
• Its main aim is to earn profit.
• It involves regular dealings and an element of risk and uncertainty.
• Capital is required, and reward is uncertain (profit or loss). Examples: a shop, a factory, a trading firm.

(b) Profession

• An occupation that requires specialised knowledge, education, skill and training.
• It is usually governed by a professional body (such as the Bar Council or ICAI) and a code of conduct.
• The reward is a professional fee for rendering personal, expert service.
• Membership/qualification is generally required before one can practise. Examples: doctor, lawyer, chartered accountant, engineer. …