Question

WHAT ARE COOPERATIVES AND HOW THEY ARE HELPFUL FOR FARMERS OR PEOPLE WITH LOW INCOME?

Answer 1

Answer:

A co-operative is an independent private business association of individuals who are at once the members and the consumers of the goods they produce and/or the services they provide. Small businesses can achieve economies of scale this way, competing with large corporations in the market. Farmers in agricultural coops can get access to supply and markets that are otherwise beyond their reach. Profit is not the primary goal but can still be allocated to the members proportionate to their use of or contribution to a cooperative. Thanks to the “one member, one vote” principle, members can, on a regular basis, democratically elect representatives among themselves as a board of directors.