Business involves the movement of goods and services. This movement is important so that goods and services can be taken to where they are needed. This increases their utility. The movement of goods and services is called transport.
LEARNING OBJECTIVES
By the end of this topic, you should be able to;
Business is any activity carried out by an individual or an organization aiming at making a profit. It could be in offering services or producing goods. Businesses are organized in recognizable units. These units are grouped on the basis of ownership structures or the status of legal control. Business units vary in size, some are small and others are very large.
Business units can also be referred to as business organizations. Every unit is unique in terms of ownership, formation, and management.
Business units can be found in all sectors of the economy. They can be owned by one or more people and have different characteristics. These units can provide either a good or service.
A business unit refers to an organization that is formed by one or more people to produce goods and services aiming at profit-making. Examples of business units include sole proprietorships, co-operatives, partnerships, companies, parastatals, and public corporations.
A co-operative is an association of people with a common interest in undertaking an activity for their own welfare.
Ownership
A co-operative is owned by people with a common interest who become its members. The members come together and form a co-operative to pursue their common interests.
Sources of capital
Management
Co-operatives are managed by;
The characteristics of co-operatives include:
Advantages and disadvantages of co-operatives
Advantages
Disadvantages
