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Business and profession are two important forms of economic activity through which individuals earn income and contribute to the production and distribution of goods and services. Although both involve the use of skills and resources for earning a livelihood, they differ in their objectives, nature, qualifications, risks, and methods of operation. Understanding the distinction between business and profession is essential in the study of business organization. Business refers to an economic activity concerned with the production, purchase, sale, or exchange of goods and services with the primary objective of earning profit. It includes activities such as manufacturing, trading, banking, transportation, retailing, insurance, and other commercial operations. A business is generally _______ ___ _______ _________ ___.
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