What is the difference between Grounded and Grounding wires? Which one is the one that is supposed to carry current? And which one is also called the identified neutral?

This is very basic stuff. Is this a homework assignment? Also it is critical to understand the grounding and bonding systems. I cannot stress enough the need for you to do the research.

My first suggestion is that you look up the definition of the "Grounded" conductor and "Grounding". They are in Article 100 of the NEC. If you do not have a copy of the NEC, then at the top of this forum in the “Stickies” you will find a link to a read only NEC.

Here's a hint for you. The "Neutral" conductor is also referred to as the "Grounded Conductor".