business vs situation

business and situation both are nouns.

Word	Noun	Adjective	Verb	Adverb
business	Yes	No	No	No
situation	Yes	No	No	No

As nouns, situation is a hyponym of business; that is, situation is a word with a more specific, narrower meaning than business:

business (noun)	situation (noun)
the principal activity in your life that you do to earn money	a job in an organization
the activity of providing goods and services involving financial and commercial and industrial aspects	physical position in relation to the surroundings
the volume of commercial activity	the general state of things; the combination of circumstances at a given time
incidental activity performed by an actor for dramatic effect	a condition or position in which you find yourself
an immediate objective	a complex or critical or unusual difficulty
a rightful concern or responsibility
a commercial or industrial enterprise and the people who constitute it
customers collectively
business concerns collectively