Understanding Economic Institutions

📋 Course Outline

1. Economic institution: concept and definitions
2. Economic institution: characteristics and roles
3. Classification of institutions by ownership and sector
4. Institution objectives and main economic goals
5. Institution growth stages and Churchill Lewis model
6. Inventory management: storage, codes and stock control
7. Financing: concept, sources and investment criteria
8. Production management: objectives, functions and responsibilities
9. Research and development process and industrial production
10. Institution environment: components, constraints and evaluation
11. Effects of institutions on society and economic environment

📖 1. Economic institution: concept and definitions

🔑 Key Concepts & Definitions

• Economic institution : An economic institution is an organized unit that brings together people and resources to produce goods or services that can be sold at a price.
• Institution as coordinated unit : An institution is a coordinated unit that organizes material and human elements of economic activity to achieve the institution’s objectives.
• Economic and social institution : An economic institution is an independent economic and social organization that combines human, financial, material, and informational components to create value.
• Institutional production and sale : An institution is defined by production activity and the possibility of selling outputs at a price using invested capital and capabilities.