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.
A university (Latin: universitas, a whole, a corporation) is an institution of higher (or tertiary) education and research which grants academic degrees in various subjects. Universities typically provide undergraduate education and postgraduate education. The word university is derived from the Latin universitas magistrorum et scholarium, which roughly means community of teachers and scholars.. Universities were created by Christian monks during the High Middle Ages.