In a profession, there is moderate capital investment required for furniture, instruments, professional activities etc. a cost accountant, for instance, can give valuable suggestions to the management for minimizing cost of production consistent with efficiency.
In case of service, the motive of an employee is to earn salary and receive other benefits.Every business requires capital depending upon the nature and scale of operations.
It means an activity that is related to buying and selling of goods. Business is useful to society in many ways.It carries on research and thus makes the best use of scarce resources of the countryProfession, on the other hand refers to a vocation which a person adopts after getting specialized training. Difference between Business, Profession and Employment is covered in Chapter 1 of Business Studies in Class 11 of NCERT Syllabus. Learn Accounts, Taxes and Business Studies easily with Us.
Membership of a professional body and certificate of practice. A large business enterprise employs a large number of persons in order to achieve its objectives.It also requires the services of professional experts such as chartered accountants, lawyers, architects, cost accountants, etc. 4.3 60 votes 60 votes Rate! An employee performs the work assigned by the employer under the contract of service.No formal education is compulsory in order to carry on a business. The differences between business, profession and employment can be explained by the help of this table below: Download jpg. Those engaged in professions are known as professionals and are generally subject to guidelines or codes of conduct laid down by professional bodies, e.g., lawyers are engaged in the legal profession, governed by the Bar Council of India and Chartered Accountants belonging to the accounting profession are subject to the regulations of the Institute of Chartered Accountants of India. In fact, if you were to ask a layman the difference between a profession and a job, he might think of both being the same whereas there is a lot of difference between the two words that will be discussed in this article. Nature of work – Production or purchase and sale of goods and services. The professionals are mainly of two types.Those who carry on the profession purely for profit motiveThose who are not guided by profit motive but are strongly motivated to provide services to the community.
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