What is the concept of an institution!? And what are its types!?

The concept of an institution

The concept of an institution, according to the business dictionary, refers to it as an establishment or entity that is created, organized, and managed by some people in order to achieve a number of agreed-upon goals, or meet needs, or provide certain services, so that the institution has an administrative system and structure based on clarifying, defining, and organizing various activities, responsibilities, roles, and functions among the members of the institution. According to Webster's Dictionary, an institution refers to an entity of a private or public nature, such as banks, universities, or nursing homes, so that each institution provides certain services to achieve certain goals.

Things to consider when establishing an institution

There are several things that must be considered and done before starting to establish an institution or company, and these are things that institutions do only with them, as they are considered the pillar of the institution's work and the pillar of the general system that the institution will adhere to in its activities and its pursuit of achieving its goals:

Vision:

It is the mental image of the institution, which includes how the institution works, and how it should be if things are fine.

Objective:

It is the purpose of establishing the institution or company, as the objective will be what governs the course of the institution in general.

Values:

Values ​​refer to the character and culture of the institutional entity, as the institution operates according to the values ​​​​set in advance.

Strategic objectives:

It is the set of objectives and achievements that the institution seeks to achieve.

Strategy:

It is the approach followed by the institution in achieving the main objective and other strategic and sub-objectives.

Types of economic institutions Economic institutions have many types, including the following:

Economic institutions in terms of legal form, and are divided into:

Individual institutions.

Collective institutions.

Economic institutions in terms of ownership, and are divided into:

Public institutions.

Private institutions.

Mixed institutions.

Economic institutions in terms of activity, and are divided into:

Industrial institutions.

Agricultural institutions.

Commercial institutions.

Financial institutions.

Service institutions.

Economic institutions in terms of the economic sector, and are divided into:

Primary sector institutions.

Secondary sector institutions.

Third sector institutions.

Economic institutions by nationality, divided into:

National institutions.

Foreign institutions.

Mixed institutions.

Multinational institutions.