Black market refers to a place where illegal or scarce commodities are bought and sold, a place where the rules of an economy are not followed. A black market is an underground economy, one that is not in the light. Another term for black market is shadow economy. One who buys or sells on the black market is known as either a black marketeer or a black marketer. Contrary to what many believe, the term black market was coined in the early 1930s to describe illegal or scarce commodities that were bought and sold outside of the usual consumer market.
Examples
The acute shortage has pushed businesses and individuals unable to source dollars in the official banking system to the black market, where they can procure the currency for an increasingly high price. (Reuters)
Zimbabwe could be losing thousands of dollars through the smuggling of gold into neighboring Mozambique by small scale miners who have opted to sell their produce in the black market which has ready cash. (The New Zimbabwe)
The department, which has intensifyed market monitoring for the past several weeks, has been rounding up several traders and retailers involved in black-marketeering and hoardings. (The Kathmandu Post)
Part of the argument in favor of the ballot question here is, of course, that it will “eliminate” the black market for pot. (The Boston Herald)
The Booming Black Market for Doctor’s Appointments in China (Newsweek Magazine)
A pair of wealthy Americans are looking for brain implants on the black market that will allow them to communicate with each other using the power of thought. (The Daily Mail)
European football’s governing body warned that England supporters who buy on the black market may find themselves sitting among Russia fans, which it said could “undermine” the security of spectators. (The Telegraph)