Employment refers to the occupation in which people work for others and get remuneration in the form of wages or salaries.

(i) Professions are those occupations which involve rendering of personal services of a special and expert nature.
(ii) It includes professional activities.
(iii) People engaged in a profession are known as Professionals.
For Example: Lawyers, Doctors, Engineers and Chartered Accountants.

Business refers to any human activity undertaken on a regular basis with the object to earn profit through production, distribution, sale or purchase of goods and services.

(i) Economic Activities refers to those activities which are undertaken with the object of earning money.
(ii) For  Example Workers working in a factory, shopkeeper selling the goods in his Shop, Doctor attending the patient in his Clinic, etc.

Human objectives refer to the objectives aimed at the well-being as well as fulfillment of expectations of employees as also of people who are disabled, handicapped and deprived of proper education and training. The human objectives of business may thus include economic well-being of the employees, social and psychological satisfaction of employees and development of human resources.

On the basis of size, business activities may be broadly grouped into two categories.
A. Small Scale:
Small scale units require less capital, employ small number of workers and produce the goods on small scale
B. Large Scale:
Large scale units require huge capital, employ large number of workers and produce the goods on large scale.

Human activities :
Human activity is an activity performed by a human being to meet his/her needs and wants or may be for personal satisfaction. Human activities can be categorized into economic and non-economic activities. Economic Activities are those activities undertaken with the object of earning money. Activities undertaken to satisfy social and psychological needs are called non-economic activities.

Basis Business Profession Employment (1) Mode of Establishment Promoter's decision registration and other formalities as
prescribed by law. Membership of a professional body or certificate of practice. Service contract or letter of appointment. (2) Nature of Work Goods and services provided to the public Personalized service of expert nature Performing work assigned by the employer (3) Qualification No minimum qualification is essential Education and training in specialized field. Minimum qualification is essential. (4) Basic Motive Earning profits by satisfying needs of society. Rendering service. Earning wages or salary by serving the employer. (5) Capital Capital investment required as per size of the firm. Limited capital necessary for establishment. No capital required. (6) Reward Profits Professional fee Salary or wages (7) Risk Profits are uncertain and irregular. Fee is regular and certain, never negative Fixed and regular pay, no risk. (8) Transfer of Interest Transfer possible with
some formalities Not possible Not transferable (9) Code of Ethics No specific code of
conduct, moral and
ethical dealings only Professional code of ethics Rules and regulations
of the employing
organization

The essential characteristics of business are as follows:
(i) Production or Procurement of Goods:
Goods must be produced or procured in order to satisfy human wants.
(ii) Sale, Transfer or Exchange:
There must be sale or exchange of goods or services. When a person weaves cloth for his personal consumption, it is not business because there is no transfer or sale.
(iii) Dealing in Goods and Service :
Goods produced or procured may be consumer goods like cloth, pen, brush, bag etc., or producer-goods like plant and machinery. Services refer to activities like supply of electricity, gas or water, transportation, banking, insurance etc.
(iv) Regularity of Dealing :
An isolated dealing in buying and selling does not constitute business. The transactions must be regular. For example, if a person buys a scooter for his use and later on disposes it of at a profit, he cannot be said to have been engaged in business. The buying and selling must be recurrent to constitute business.
(v) Profit Motive :
An important feature of business is profit motive. Business is an economic activity by which human beings make their living. It is, in fact, the attraction of profit which spurs people to do business.
(vi) Element of Risk :
The profit that is expected in a business is always uncertain because it depends upon a number of factors beyond the control of the businessman. For example, change in consumer preference, shortage of raw materials, transport
bottlenecks, power-crisis, etc., may upset business calculations and result in loss. That is why profit is said to be reward for risk-taking. Thus any business activity includes an element of risk too.