black market

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Black market

An illegal market.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

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.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
LARKANA -- The District and Sessions Judge/Justice of Peace, Larkana, Abdul Ghafoor Kalhoro Friday chaired the Price Control Committee (PCC) meeting and warned the hoarders, profiteers and black-marketers to avoid creating artificial shortage of the commodities, otherwise stern legal action would be initiated against them.
The Deputy Commissioner warned the hoarders, profiteers and black-marketers to avoid creating any artificial shortage of the
KARACHI, September 04, 2010 (Balochistan Times ): Profiteers and black-marketers have become active to take undue advantage of the linking of LPG price to Saudi Aramco Contract Price.
He said profiteers and black-marketers have been active to take undue advantage of the linking of LPG price to Saudi Aramco contract price.
Syed Qaim Ali Shah said that strict action will be taken against hoarders and black-marketers. The Chief Minister announced that Sugar Supply and wheat quota will be increased to meet the requirements.