What is the Black Market?

Answer:
The black market, also known as the underground market,

is any buying or selling of merchandise illegally. Although the term black market includes illegal substances such as drugs, oftentimes the merchandise itself is legal, although it has been procured and is being sold in a way that is not compliant with local laws.

The black market probably gets its name from these activities being conducted in the shadows or in the dark, metaphorically, where law enforcement officers cannot see them. Many types of merchandise sold on the black market are stolen or “hot” items or replicas of brand name accessories, jewelry, or clothing. If the item is particularly hard to get or expensive to obtain legally, chances are good that it can be found more easily and cheaper on the black market.

During Prohibition, alcohol was freely sold on the black market. Today, many types of illegal drugs are bought and sold underground. Prostitution is another black market transaction in many jurisdictions, as it is often illegal.

Regulation of the black market depends greatly on the country and government where the items are being sold. Some countries or municipalities are very careful to shut down any black market activities, while others seem to accept it as part of daily life and simply turn a blind eye.