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A black market is an economic activity that takes place outside government-sanctioned channels. Illegal market transactions usually occur “under the table” to let participants avoid government price controls or taxes.
Black markets will continue to exist as long as we have regulations and taxes.
Examples include the legal drug trade, prostitution (where prohibited), illegal currency transactions, and human trafficking. Violations of the tax code involving income tax evasion constitute membership in the unreported economy.
The black market often sets a price for foreign exchange that is several times the official one. Examples of goods traded in the black market are weapons, illegal drugs, exotic and protected species of animals, and human organs needed for transplant surgeries.
Back Market is the world's leading refurbished electronics marketplace with a team of more than 500 strong powering operations in 16 countries.