Key Terms
- 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
- Nonprofit Organization- institution that functions much like a business, but does not operate for the purpose of generating profits
- Professional Organization- nonprofit organization that works to improve the image, working conditions, and skill levels of people in particular occupations
- Business Association- nonprofit organization that promotes collective business interests for a city, state, or other geographical area, or for a group of similar businesses
- Trade Association- nonprofit organization that promotes the interests of a particular industry