Legal Definitions - black market

Definition: A black market is a type of market where goods or services are traded illegally. It is also known as a shadow economy.

Examples:

• Illegal drugs
• Stolen goods
• Counterfeit money
• Weapons

These examples illustrate the definition of a black market because they are all goods or services that are traded illegally. For example, illegal drugs are often sold on the black market because they are not legal to sell or purchase. Stolen goods are also commonly sold on the black market because they are obtained through illegal means. Counterfeit money is another example of a good that is traded on the black market because it is not legal tender. Finally, weapons are often sold on the black market because they are regulated and require a license to purchase legally.