Question: 1. Explain the difference between a primary financial market and a secondary financial market. 2. Why are commercial banks, savings banks, and credit unions classified

1. Explain the difference between a primary financial market and a secondary financial market. 2. Why are commercial banks, savings banks, and credit unions classified as depository financial institutions? How do the three differ?

3.Why are life insurance companies, pension funds, and mutual funds considered financial institutions?

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