Chapter 2

Question 1

What are formal institution?

Answer 1

Formal institutions are written, often embodied in laws, codes, constitutions.
- often be embodied in a organization

Question 2

What are informal institution?

Answer 2

Informal are customs or tradition such as manners and etiquette.

Question 3

What are the 3 big institutions?

Answer 3

The International Monetary Fund (I M F)
The World Bank
The World Trade Organization (W T O)

Question 4

What was the purpose of the Bretton Woods Conference?

Answer 4

• 1944 in New Hampshire
  The goal was to create a more stable and prosperous world economy.
  They wished to avoid the problems of the 1930s by creating institutions and organizations that would define rules for trade and international payments.