Answer :
Final answer:
Cooperatives are economic groups that involve profit-sharing and democratic decision-making. They contribute to local communities and promote cooperation alongside competition for collective benefits.
Explanation:
Cooperatives are economic groups where members share profits and decision-making democratically. They play a significant role in local communities by keeping profits local and providing a space for business and social interactions.
Membership in a cooperative involves benefits and responsibilities like receiving patronage in proportion to use and aligning business strategies with customer needs.
Cooperatives help maintain competition by being cost-efficient while promoting cooperation and sharing among individuals for the collective good.
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