Final answer:
The best definition of a cooperative is 'a group owned and controlled by its members for the economic well-being of its members.' Cooperatives operate in various sectors, including credit unions for financial services and producer cooperatives for selling agricultural products at fair prices.
Step-by-step explanation:
The best definition of a cooperative is d) a group owned and controlled by its members for the economic well-being of its members. Cooperatives are unique business models where the organization is owned and democratically controlled by its members. These members work together towards their mutual economic benefit.
An example of this would be a credit union, which is a type of financial cooperative. Here, the members are both the owners and the customers, and the credit union focuses on providing favorable rates on loans and financial services tailored towards the needs of its members.
Producer cooperatives such as Dairy Farmers of America and Land O'Lakes work to ensure that their members receive the best possible prices for their products, whereas consumer cooperatives like Sam's Club and Costco purchase goods in bulk to save money for their members.