Q.Write a short note on : a) Business b) Profession

Business is an activity of producing and exchanging goods/services to earn profit, while a profession is a specialised service occupation requiring formal training and governed by a professional body, earning a fee.

(a) Business

Business is an economic activity concerned with the production or purchase and sale of goods and services with the aim of earning profit. Its main features are:

• It deals in goods and services.
• Its primary objective is earning profit.
• It involves regular dealings and an element of risk and uncertainty.
• Examples: a textile mill, a grocery shop, a transport company.

(b) Profession

A profession is an occupation that requires specialised knowledge, skill and training, and involves rendering personalised services for a fee. Its main features are:

• It requires specialised education, training and qualification.
• The professional is usually a member of a professional body (like the Bar Council or the Institute of Chartered Accountants of India) and follows its code of conduct.
• The reward earned is called a fee, not profit. …