Medicare is a social insurance program that serves more than 44 million enrollees (as of 2008). The program costs about $432 billion, or 3.2% of GDP, in 2007.
The definition of an institution is an established custom or practice, or a group of people that was formed for a specific reason or a building that houses the group of people. 1  Marriage is an example of a cultural institution. 2  A town council is an example of an institution of government.
Definitions (2). 1. Establishment, foundation, or organization created to pursue a particular type of endeavor, such as banking by a financial institution.2. Consistent and organized pattern of behavior or activities (established by law or custom) that is self-regulating in accordance with generally accepted norms.1) As if governed by Newton's First Law of Motion, an institution will resist and change in its current direction. (2) Just as work expands to fill available time, corporate projects or acquisitions will materialize to soak up available funds.