Black Market

Definition

The black market refers specifically to illegal trade in goods or services that are prohibited by law or subject to heavy regulations. It involves transactions conducted outside government control, often with high risks and inflated prices.

Analogy

Imagine a secret black market bazaar hidden deep within a forest. It's where people go to buy and sell forbidden items like exotic animals or counterfeit goods.

Related terms

Counterfeit Goods: Products that are intentionally made to imitate genuine products, usually with the purpose of deceiving buyers.

Organized Crime: Criminal groups involved in illegal activities such as drug trafficking, human trafficking, and extortion.

Price Controls: Government-imposed restrictions on the prices of certain goods or services to ensure affordability but can lead to black market activity due to shortages or artificially low prices.