What do economists mean by the term institutions, Microeconomics

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What do economists mean by the term institutions

Problem

1. The difference between 1% growth and 2% growth seems insignificant. Explain why it really matters.

2. What do economists mean by the term "institutions"? How are institutions related to economic growth?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Microeconomics: What do economists mean by the term institutions

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