Observation

The part a of the question was well answered by candidates. Same with part b. except (v) – social responsibility which was wrongly explained by most candidates.   
The expected responses to the question include:

         2        (a) Types of co-operative societies include:

1. Manufacturers/producer co-operative/agricultural co-operative;
2. Consumer co-operative;
3. Wholesale co-operative;
4. Retail co- operative;
5. Thrift and credit society;
6. Multipurpose co-operative.

                                                                            
(b) Explanation of business objectives.

1. Survival: This is the desire of firms to remain in business despite stiff competition.

1. 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.

 

1. Growth: This is the desire of a business to expand its activities beyond its current undertakings through increase in sales, total assets and employment.

1. 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.