market participants, not the issuing company or agency. However,

the primary and secondary markets are aspects of capitalist financial

systems in which the purchase and selling of securities like stocks

and bonds raise money.

$(35)$ You've captured the distinction between the primary and secondary markets very well. The

primary market indeed focuses on the initial issuance of securities$,$ allowing companies to raise

capital by offering new stocks or bonds. Once these securities are sold for the first time, they

enter the secondary market where they can be bought and sold among investors. This secondary

trading doesn't involve the issuing company but rather occurs between market participants. It's

also worth noting that the secondary market provides liquidity, enabling investors to easily enter

and exit positions. Both markets play crucial roles in the financial system, supporting capital

formation and investment opportunities. The interplay between these markets helps drive

economic growth and stability. Overall, understanding how they function is key to grasping how

financial markets operate and how capital flows through the economy.

A shared goal is one in which

all parties share the result equally

the parties work toward a common end but benefit differently

all parties work together to achieve some output that will be shared

individuals with different personal goals agree to combine them in a collective effort.