Explanation

(a) Types of co-operative societies include:

• Manufacturers/producer co-operative/agricultural co-operative;
  • Multipurpose co-operative.
  • Thrift and credit society;
  • Retail co- operative;
  • Wholesale co-operative;
  • Consumer co-operative;

                                                                            
(b) Explanation of business objectives.

• Survival: This is the desire of firms to remain in business despite stiff competition.
• Profit maximization: One of the objectives of firms is to earn high profit in order to pay dividend to its shareholders and remain in business.
• Growth: This is the desire of a business to expand its activities beyond its current undertakings through increase in sales, total assets and employment.
• Innovation: It is the ability of firms to create new products, methods of production as well as new areas of business through continuous research and development.
• Social responsibility: Businesses have the desire to contribute to the provision of basic infrastructure and also provide assistance in the areas of education and health sectors of communities in which they operate.     

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