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LSDefine
Simple English definitions for legal terms
black market
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A quick definition of black market:
Term: BLACK MARKET
Definition: A black market is a secret and illegal way of buying and selling things. It is also called a shadow economy. People use the black market when they cannot buy or sell things legally, or when they want to avoid paying taxes or following rules. This is not a good thing to do because it is against the law and can be dangerous.
A more thorough explanation:
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.