ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A cooperative (also known as co-operative, co-op, or coop) is “an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically-controlled enterprise".

Detailed explanation-2: -Non-state institutions include the following: banks, corporations, trade unions, cooperatives, development agencies, civil organizations, and transnational advocacy groups.

Detailed explanation-3: -A cooperative is a user-owned and user-controlled business in which benefits are received in proportion to use. But it is not possible for member-owners to directly make all cooperative decisions. That con-trol is preserved by members electing directors to represent them in much of the operation of the cooperative.

Detailed explanation-4: -1. Open and Voluntary Membership. Membership in a cooperative is open to all people who can reasonably use its services and stand willing to accept the responsibilities of membership, regardless of race, religion, gender, or economic circumstances.

Detailed explanation-5: -A cooperative is an association of persons (organization) that is owned and controlled by the people to meet their common economic, social, and/or cultural needs and aspirations through a jointly-owned and democratically controlled business (enterprise).