Final answer:
A profit organization operates with the goal of making a profit, while nonprofit organizations have a primary mission other than making a profit. Mutual benefit organizations are nonprofit associations that work for the benefit of their members.
Step-by-step explanation:
A profit organization is a business entity that operates with the goal of making a profit. Examples of profit organizations include retail stores, restaurants, and tech companies. They seek to maximize revenue and minimize expenses in order to generate profits for their owners or shareholders.
A nonprofit organization, on the other hand, is a business entity whose primary mission is not making a profit. Nonprofit organizations are generally set up to provide charitable, religious, or educational purposes. Examples of nonprofit organizations include welfare groups, churches, hospitals, schools, and museums. These organizations do not distribute profits to individuals, but rather reinvest them to further their mission.
A mutual benefit organization is a nonprofit, voluntary association that works for the benefit of its members. It is formed by a group of individuals who come together to pursue a common interest, such as a hobby or a specific cause. Mutual benefit organizations provide services or benefits to their members, which can include discounts, education, networking opportunities, or resources. Examples of mutual benefit organizations include consumer cooperatives (e.g. Sam's Club), producer cooperatives (e.g. Dairy Farmers of America), and service cooperatives (e.g. credit unions).