Definition of Black market:
Illegal free market which flourishes in economies where consumer goods are scarce or are heavily taxed. In the first kind, black market prices are higher than the official or controlled prices. In the second kind, prices are lower than the legitimate or taxed prices, due to tax evasion. Black market and black money go hand in hand.
A black market is economic activity that takes place outside government-sanctioned channels. Black market transactions usually occur “under the table” to let participants avoid government price controls or taxes.
An illegal traffic or trade in officially controlled or scarce commodities.
Black markets are also the venues where highly controlled substances or products such as drugs and firearms are illegally traded. Black markets can take a toll on an economy since they are shadow markets where economic activity is not recorded, and taxes are not paid. In the financial context, the biggest black market exists for currencies in nations with strict currency controls. While most people may shun a black market because they consider it sleazy, there may be rare occasions when they have no choice but to turn to this necessary evil.
Synonyms of Black market
Illegal, Unlawful, Illicit, Against the law, Criminal, Lawbreaking, Actionable, Felonious, Cosa Nostra, Mafia, Actionable, Against the law, Anarchic, Anarchistic, Anomic, Black-marketeer, Bootleg, Bootlegging, Chargeable, Contraband, Contrary to law, Criminal, Felonious, Fence, Flawed, Gambling, Gray market, Illegal, Illegal commerce, Illegal operations, Illegitimate, Illegitimate business, Illicit, Illicit business, Impermissible, Irregular, Justiciable, Lawless, Loan-sharking, Moonshine, Moonshining, Narcotics traffic, Nonconstitutional, Nonlegal, Nonlicit, Organized crime, Outlaw, Outlawed, Prostitution, Protection racket, Punishable, Push, Racket, Shady dealings, Shove, The rackets, The syndicate, Traffic in women, Triable, Unallowed, Unauthorized, Unconstitutional, Under-the-counter, Under-the-table, Unlawful, Unofficial, Unstatutory, Unwarrantable, Unwarranted, Usury, White slavery, Wrongful
How to use Black market in a sentence?
- The artifact was so rare and valuable that the buyers that were interested in it had to search the black market to find one for sale.
- The smuggled weapons from Mexico were sold on the black market because there is no way they would be able to be sold on the open market.
- They planned to sell the meat on the black market.
- From the 1920s to the 1930s the black market thrived and several bootleggers became infamous for their sale of alcohol during the Prohibition act.
Meaning of Black market & Black market Definition