The basic principle of cooperative societies is to ________

Step 1: Analyze the question The question asks for the basic principle (core purpose) of a cooperative society.

Step 2: Explain the concept A cooperative society is a voluntary association of people who pool their resources together to achieve a common economic goal. Examples include thrift and credit societies, farmers' cooperatives, and consumer cooperatives. Their guiding idea is "each for all and all for each", meaning members come together to help one another economically and socially.

The key principles include:

• Voluntary and open membership
• Democratic control (one member, one vote)
• Mutual help and promotion of members' welfare
• Limited returns on capital, with surplus shared among members

Step 3: Evaluate the options

• A. Maintain the integrity of their members: Integrity is a desirable quality, but it is not the purpose of a cooperative.
• B. Protect the interest and pursue the welfare of members: This matches the core aim. Cooperatives exist to look after members' economic interests (cheaper goods, affordable loans, better prices for produce) and improve their general welfare.
• C. Ensure better working conditions for members: This is the role of a trade union, not a cooperative society.
• D. Provide voluntary services to the members: Membership is voluntary, but the society's aim is not to provide "voluntary services". It provides economic benefits and services.

Step 4: Answer

Tip: In JAMB Economics, remember the contrast. Trade unions focus on working conditions and wages, while cooperatives focus on members' economic welfare and mutual help. If an option says "welfare of members" or "mutual benefit", it is usually the cooperative answer.