black market
Definition
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.
black market is in the Economics, Politics, & Society subject.
black market appears in the definition of the following term: black money
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