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Question
The following are the significant features of __________.
1. A group of farmers, businesses, or people from a similar background
2. Owned and run by its members
3. Shares profits and benefits
The following are the significant features of __________.
1. A group of farmers, businesses, or people from a similar background
2. Owned and run by its members
3. Shares profits and benefits
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Solution
The correct option is C Cooperatives
A cooperative can be any organisation owned and run jointly by its members, who share the profits or benefits. Cooperatives are one of the major sources of cheap credit.
A cooperative accepts deposits from its members. It uses these deposits as a collateral to obtain a huge loan from a bank. The loan taken by the cooperative acts as the fund that is used to provide loans to its members.
A cooperative can be any organisation owned and run jointly by its members, who share the profits or benefits. Cooperatives are one of the major sources of cheap credit.
A cooperative accepts deposits from its members. It uses these deposits as a collateral to obtain a huge loan from a bank. The loan taken by the cooperative acts as the fund that is used to provide loans to its members.
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