System Glossary
 Glossary Search for institutions (Search Options)

Definition of Term

institutions
(English) The rules that guide how people within societies live, work and interact with each other. Formal institutions are written or codified rules. Examples of formal institutions would be the constitution, the judiciary laws, the organized market, and property rights. Informal Institutions are rules governed by social and behavioral norms of the society, family and/or community.

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