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.
Register for FREE to remove ads and unlock more features! Register for FREE to remove ads and unlock more features! An institution is any structure or mechanism of social order governing the behavior of a set of individuals within a given community. Discuss how the development of social institutions, both formal and informal, acts a guide for the rules and expectation of people within society.