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Definition of Institutions:
Rules and norms that guide how people within societies live, work and interact. Formal institutions are codified rules such as the constitution, organized markets, or property rights. Informal institutions are rules governed by social or behavioral norms of a family, community or society[1].
This is the common definition for Institutions, other definitions can be discussed in the article


  1. Millennium Ecosystem Assessment (2005) Ecosystems and Human Well-Being: Scenarios, Island Press