Key Terms: Business Franchise: a semi- independent business that pays fees to a parent company in return for an exclusive right to sell a certain product or service in a given area. Royalty: share of earnings given as payment Cooperative: a business organization owned and operated by a group of individuals for their mutual benefit. Consumer Cooperative: retail outlet owned and operated by consumers. Service Cooperative: cooperative that provides a service, rather than a good. Producer Cooperative: agricultural marketing cooperative that helps members sell their products.