What concept is defined as an organized collection of individuals and institutions, bounded by space in a coherent territory, subject to the same political authority, and organized through a shared set of cultural expectations and values

Society.

Explanation:

Speaking is sociological terms society means a group of people living in a definable environment, and having the same culture. It comprises institutions and peoples who shared collective beliefs, traditions, values and cultural ideas within a confined boundaries. Different sociologist differ in describing societies which have evolved from the primitive hunting-gathering stage to the industrial stage.

world bank is the correct answer.