Illustrate how the type of work that he or she does influences a person's lifestyle. For example, contrast a farmer, a factory worker, and a schoolteacher.

Businessmen v/s Employees v/s Professionals

Explanation:

The three examples in the question are people engaged in 3 different economic activities : Business, Profession, Employment.

Farmer: Businessman / Self Employed (like sole proprietorship); Factory Worker - Employee; Teacher - Professional.

Business require capital, enterprising abilities, bear risk, code of conduct only as socially ethical behaviour. Employment require no capital, employer claimed abilities, low risk of loosing salaried job, code of conduct as per employment agreement. Profession require moderate capital, educational qualification mandated as per professional apex body & code of conduct also decided by it, bears moderate risk.

These people might have varying lifestyles based on the above economic activities. Businessmen tend to be risk takers, employees tend to be risk averse people. Businessmen might have knowledge based on experience, employees & professionals knowledge based on proper academically structured curriculum. Businesses have more probability of perpetual existence, employment & professional activities are less ascribed economic activities.