The black market is a term that has been around for many years, and it is a term that is often used in the world of business and economics. The black market is a term that refers to the illegal trade of goods and services. It is a market that operates outside of the legal framework, and it is often associated with criminal activity.
Definitions
The black market is defined as an illegal market where goods and services are traded without the knowledge or approval of the government. The black market is also known as the underground market, shadow economy, or informal economy. It is a market that operates outside of the legal framework, and it is often associated with criminal activity.
Origin
The term black market originated during World War II when the government imposed strict controls on the production and distribution of goods. The black market emerged as a response to these controls, and it became a way for people to obtain goods that were in short supply. Since then, the black market has continued to exist, and it has become a global phenomenon.
Meaning in different dictionaries
The black market is defined differently in different dictionaries. According to the Oxford English Dictionary, the black market is “an illegal market in which goods or services are sold without government regulation or control.” According to Merriam-Webster, the black market is “an illegal market in which goods are sold at prices higher than the official price.”
Associations
The black market is often associated with criminal activity, such as drug trafficking, arms trafficking, and human trafficking. It is also associated with tax evasion, money laundering, and corruption. The black market is seen as a threat to the economy because it undermines the legal market and reduces tax revenues.
Synonyms
The black market is also known as the underground market, shadow economy, informal economy, grey market, and parallel market.
Antonyms
The antonyms of the black market are the legal market, the formal economy, and the regulated market.
The same root words
The same root words as black market are black economy, black money, and black trade.
Example Sentences
- The black market for drugs is a major problem in many countries.
- The government is cracking down on the black market for weapons.
- Many people turn to the black market to avoid paying taxes.
- The black market for counterfeit goods is a multi-billion dollar industry.
- The black market for human organs is a disturbing trend that needs to be stopped.