What is a co-op, and what is its usual purpose? What will be an ideal

QUESTION

What is a co-op, and what is its usual purpose?

What will be an ideal response?

ANSWER

Answer: A cooperative is a corporation owned by its members who have pooled their resources for the benefit of all of them. Its purpose is to provide a service to its members rather than to make a profit.
Explanation: A cooperative is a corporation owned by its user members, who have pooled their resources for their mutual benefit. The purpose of a co-op is not so much to make a profit as to provide a service to its members.