Bundle of simple and complex market and non-market contracts, plus the powers to make the law, and the sanction powers to enforce it. Broad definition incl. Market is fat . Buyer and seller transaction-frequency and identity is unimportant. Standardized, durable or non-durable, simple or complex goods and services.
Uncertainty is small or high, and few measurement problems.
Small asset specificity. Market is thin . Buyer and seller transact seldom or often. Identity is ex post important. Customized often complex, durable good and services.