Question

What do you understand by co opertatives socities ? Expalins its various types ( 5 marks question)

Answer 1

Answer:

Cooperatives provide services in areas where private for-profit businesses don't see sufficient profit potential. Common examples of cooperatives include agricultural cooperatives, electric cooperatives, retail cooperatives, housing cooperatives and credit unions.

Explanation:

There are 5 different types of cooperatives:

1. Consumer: owned by consumers who buy goods or services from their cooperative
2. Producer: owned by producers of commodities or crafts who have joined forces to process and market their products
3. Worker: owned and democratically governed by employees who become co-op members
4. Purchasing: owned by independent businesses or municipalities to improve their purchasing power
5. Hybrid: a combination of co-op types, where people with common interests band together.

Thank you

please thank this answer

please mark this as brilliant answer