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.
âeconomic institutionâ in Business English. economic institutionnoun [ C ] âº a company or an organization that deals with money or with managing the distribution of money, goods, and services in an economy. Technical assistance will be needed to rebuild essential economic institutions after this upheaval.