The term "capital markets" refers to financial markets that facilitate the buying and selling of various types of investments, including stocks, bonds, and other securities. These markets allow businesses and governments to raise capital by issuing these securities, while also providing individuals with opportunities to invest in them for potential future gains or income. Capital markets are essential for economic growth as they provide a means for companies to expand their operations, hire new employees, and develop innovative products and services. They also play a critical role in the global economy by facilitating cross-border investment and trade. Overall, capital markets serve as an important mechanism for allocating resources within the economy.