Black Market

A black market is a type of market where goods and services are exchanged illegally without regard to government regulations. While black markets are usually thought of as markets where drugs , weapons and other contraband items are bought and sold, they can also occur in areas that have a tight restriction on certain legitimate goods. For example, a restriction on foreign currency exchange may lead to a black market where people exchange foreign currencies at rates different than the official rate(this has occured in countries that have tight limitations on foreign currency exchange).

Related Terms

Popular Articles