1. Profession
Profession is an occupation carried
on by professional people like Doctors, Lawyers, Engineers, Accountants, etc.
They provide
specialised services in return for fees.
To become a professional, a man
requires specialized knowledge and professional qualification.
e.g. Doctor
needs specialised knowledge in medicine, a lawyer needs a degree in law, etc.
2. Employment
Employment is a type of occupation or job under which one person provides his services, physical or mental to someone
else in return for which he gets wage (monthly salary, contract payment, etc.)
The person who employs is
called employer (demand side) and the person who is employed is called employee or worker (supply side).
3. Business
Business is an economic activity
concerned with production and distribution of goods and services with an aim
to make profit.
It includes all those activities which are directly or
indirectly concerned with production, purchase and sale of goods and services.
So the production, marketing, advertising, warehousing, insurance, banking,
etc. are all business activities.