Q1. Define profession. How is it different from the other two forms of economic activities on the

following basis

1. Code of conduct 2.Establishment

3. Transfer of interest.

Dear Student
Profession is the occupation which is performed by possessing some specific knowledge and skills. It includes the activities that are performed by following certain code of conduct that is laid down by the professional bodies. For example- Doctors, Chartered Accountant etc
Difference between the three-

	Profession	Business	Employment
1.Code of conduct	code of conduct need to be followed that are laid down by the professional bodies	No code of conduct	Follow the conduct that is given by the employer
2. Establishment	Membership in a profession with the certificate of the same.	Owner's decision and other formalities that is required	They receive appointment letter
3. Transfer of interest	Not done	Done by completing some formalities	Not done

Regards