CBSE Class 11-commerce Answered

Three types of economic activities:

1. Business: Business refers to activities which are concerned with production, purchase, sale and supply of goods on a regular basis with a motive to earn profit. Examples: Factories, malls etc.
2. Profession: Profession refers to an occupation wherein individuals with specialised knowledge and qualification provide personalised and expert services to people to earn a living (by charging professional fees for their services). Examples: Medical practitioners, practising chartered accountants etc.
3. Employment: Employment refers to an activity in which individuals hired by organisations work regularly and receive remuneration (salary or wages) for their services in return. Example: Jobs in multinational companies, banks etc.