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INSTITUTIONS (Exist 3 types (Political (Are essential for the…
INSTITUTIONS
Exist 3 types
Economical
Political
Are essential for the effectiveness of institucional matrix
It regulate
Formal economy
Property rights
The organization is crucial
The development of a country
Social
Reduce the costs
Transactions
Production
It allow to get gains
specially
Trade
Increase the specialization
upgrade the productivity
Improve and boost
.
Create order
to reduce uncertain in exchange
Juan Camilo Díaz, Karen Garavito, Santiago Moreno & Elizabeth Silva.