Black market
Black Market
The Black Market (pronunciation: /blæk ˈmɑːrkɪt/) is a term used to describe the illegal trade of goods and services.
Etymology
The term "Black Market" is believed to have originated during the 1930s in the United States, during the time of the Great Depression. The term "black" is used to denote the illegal or illicit nature of these transactions, while "market" refers to the economic activity of buying and selling.
Definition
A Black Market is an economic activity that occurs outside of government-sanctioned channels. These markets are often created when governments make certain types of goods or services illegal or when the supply of certain goods cannot meet the demand in a regulated market.
Related Terms
- Contraband: Goods that are illegal to trade or possess.
- Smuggling: The act of moving goods illegally into or out of a country.
- Underground Economy: All economic activity that is hidden from government authorities.
- Shadow Economy: Another term for the underground economy, often used to describe illegal economic activity.
- Informal Sector: The part of an economy that is neither taxed nor monitored by any form of government.
See Also
External links
- Medical encyclopedia article on Black market
- Wikipedia's article - Black market
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