In a small community, a group of artisans decides to pool their resources and work together to produce handmade goods for sale. They each contribute their tools and skills and agree on a profit-sharing model instead of working for wages. Which concept best describes their approach to production?

The artisans in the small community are using a concept known as cooperative production. This means they are coming together to share their tools, skills, and profits rather than working independently for wages. By pooling their resources, they can create higher quality handmade goods and support each other in the process. For example, if one artisan specializes in pottery and another in weaving, together they can create unique products like ceramic bowls with woven baskets. This collaboration not only enhances their creativity but also allows them to split the profits fairly, benefiting everyone involved.