Social objectives are those objectives of business, which are desired to be achieved for the benefit of the society. Since business operates in a society by utilizing its scarce resources, the society expects something in return for Its welfare. No activity of the business should be aimed at giving any kind of trouble to the society.

An enterprise is said to be a private enterprise where it owned, managed and controlled by persons other than Government.

When an enterprise is owned, managed and controlled by Government and private entrepreneurs, it is known joint enterprises.E.g. Maruti Suzuki.

(i) Business refers to those activities, which are connected with production, purchase and sale of goods or supply of services with the main object of earning profits.
(ii) People engaged in business are called businessman. They earn income in the form of Profits.

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

Economic activities on the basis of function:
On the basis of functions, business activities may be broadly grouped into two categories.
(a) Industry: Industry includes all those business activities which are connected with raising, producing or processing of consumer goods. Example -bread, butter, cheese, shoes, or capital goods like machinery.
(b) Commerce: It establishes a link between the producers and consumers of goods and maintains a smooth and uninterrupted flow of goods from producers to consumers.

Economic activities on the basis of size:
On the basis of size, business activities may be broadly grouped into two categories.
(a) Small-scale:
Small-scale units require less capital. They employ small number of workers and produce the goods on small scale.
Examples:
(i) Manufacturing textiles in handlooms or power looms.
(ii) Extraction of edible oil from seeds like groundnut, sesame, through "traditional wooden churner.
(b) Large scale:
Large-scale units require huge capital. They employ large number of workers and produce the goods on large scale.
Examples:
(i) Manufacturing Textiles in a large Textile mill. Example. Raymonds, Ramraj Cotton.
(ii) Extraction of edible oil from oilseeds in oil mills. Example. Suffola, Sunflower.

(i) Production of goods by manufacturer
(ii) Distribution of goods by wholesaler
(iii) Selling by retailers

(i) Nature of Work:
(1) Business is concerned with production and sale of goods and services to people.
(2) Profession is concerned with the rendering of specialised personal services to clients.
(3) Employment is concerned with the performance of the work assigned by the employer.
(ii) Capital:
(1) More capital is required for doing business.
(2) But profession does not require much capital and employment does not require any capital.

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.

Economic activities are undertaken to earn money. Generally, people engage themselves in such activities on a regular basis and are said to be engaged in their occupation. Occupations may be classified into three categories based on the following:
Employment, Profession, Business
1) Employment: 
It refers to the occupation in which people work for others and get remuneration in the form of wages or salaries.The one who is employed by others are called employees and the one who employs others is called employer.Managers, Clerks, Bank officials, Factory workers etc.are examples of employees.
2) Profession:
Professions are those occupations which involve rendering of personal services of a special and expert nature.A profession is something which is more than a job. It is a career for someone who is competent in their respective areas. It includes professional activities which are subject to guidelines or codes of conduct laid down by professional bodies.Those engaged in a profession are called professionals and they earn income by charging professional fee.
3) Business:
Business refers to any human activity undertaken on a regular basis with the object to earn profit through production,distribution,purchase and saleof goods and service.

Business activities are classified on the basis of size, ownership and function.
(i) Activities on the basis of size:
On the basis of size, business activities may be broadly grouped into two categories.
(1) Small Scale:
Small scale units require less capital. They employ small number of workers and produce the goods on small scale. 
Example: Manufacturing textiles in handlooms or power looms.
(2) Large Scale:
Large scale units require huge capital.They employ large number of workers and produce goods on large scale.
Examples: Manufacturing Textiles in a large Textile mill. Example. Raymonds, Ramraj cotton.
(ii) Activities on the Basis of Ownership :
On the basis of ownership business activities may be broadly grouped into three categories.
(1) Private Enterprises:
An enterprise is said to be a private enterprise where it is owned, managed and controlled by persons other than Government.
(i) Sole proprietorship. Example Sundar Stationeries.
(ii) Partnership firms. Example - Ramesh Bros.
(2) Public Enterprises:
(i) An enterprise is said to be a public enterprise where it is owned, managed and controlled by Government or any of its agencies or both.
(ii) Public enterprises may be organized in several forms such as,
Departmental undertaking - Public Works Department (PWD)
Public Corporation - Oil and Natural Gas corporation (ONGC)
Government Company - State Trading Corporation (STC)
(3) Joint Enterprises:
An enterprise is said to be a joint enterprise where it is owned, managed and controlled by Government and private entrepreneurs.
Example : Maruti Suzuki
(iii) Activities on the Basis of Function:
On the basis of functions, business activities may be broadly grouped into two categories.
(1) Industry :
Industry includes all those business activities which are connected with raising, producing or processing of consumer goods.
Example : Bread, butter, cheese, shoes, or capital.goods like machinery.
(2) Commerce:
It establishes a link between the producers and consumers of goods and maintains a smooth and uninterrupted flow of goods from producers to consumers.