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.
Definition. In general, a college is an institution of higher education that may stand alone or make up one part of a university. There may be several colleges on a single university campus (e.g., college of medicine). Generally, universities are larger and more independent than colleges.