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.
institution (social institution) (noun) âA custom or organization that has long been held as an important feature of some group or societyâ (Princeton University 2010). Example: The education system, the economy, government, family, mass media, religion, and sports. Audio Pronunciation: (inÂ·stiÂ·tuÂ·tion)