black market

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Black market

An illegal market.

Black Market

A market for products that are illegal, stolen, or otherwise need to be hidden from regulatory authorities. A black market encompasses the horrific (e.g. human trafficking) as well as the more mundane (e.g. participating in the market to evade taxes). Legal products on a black market are usually less expensive than on the regulated market because sellers do not pay taxes on their goods and services. That said, there is little or no recourse for the customer if and when a black market product fails. It is worth noting that black markets tend to be largest in jurisdictions where there are the most regulations and government monopolies. It is also known as an underground market.

black market

an unofficial or ‘under-the-counter’ MARKET trading in a product which the government has declared to be illegal (for example narcotic drugs), or on the sale of which the government has imposed controls thus limiting its availability.

black market

an ‘unofficial’ market that often arises when the government holds down the price of a product below its equilibrium rate and is then forced to operate a RATIONING system to allocate the available supply between buyers. Given that some buyers are prepared to pay a higher price, some dealers will be tempted to divert supplies away from the ‘official’ market by creating an under-the-counter secondary market. See BLACK ECONOMY.
References in periodicals archive ?
consumer goods, black market products come with guarantees including lifespan
Hyper-connectivity will create more points of presence for attack and exploitation so that crime increasingly will have a networked or cyber component, creating a wider range of opportunities for black markets.
Following backopy's inital post on thursday afternoon, several Black Market Reloaded sellers voiced concerns over the same thing happening again:
Earlier this week, Syria moved to allow private banks to sell dollars to individuals in what it said was a bid to curb black market trade.
The black market cooled down because of the psychological effect of these measures rather than on the back of the real strength of the pound, which means that they may not continue to be effective for long," he said.
Juma noted that the black market distorts the accuracy of economic numbers.
Sales of top-of-the-range buggies costing more than pounds 500 have increased by 40%, with parents unwittingly fuelling the black market through second-hand purchases.
Shopkeepers say a ban on tobacco gantries in stores would simply increase the number of smokers getting tobacco from the black market.
While special blacks comprise less than 10% of the overall global carbon black market on a tonnage basis, they command considerably higher prices.
Passionfly was focused more on namebrand women's clothes and Black Market Boutique offers vintage and handmade items for both men and women, Milton said.
The central bank also released a schedule showing what it called distortions in prices caused by black market trading and profiteering by businesses.
Not everyone knows about black market dealers as the government is keeping a close eye on them, but I don't think the situation is getting any better soon.