Prescription drugs are not illegal, but there is a thriving black market where prescription drugs are resold. The goods are not illegal, but the transaction is illegal. For example, alcohol or cigarettes may be smuggled into the United States and sold at less than they could be legally. It is the transaction, and not necessarily the good or service that makes the black market illegal. A black market is frequently called an underground economy because the transactions illegally bypass the government.
Some economists estimate that the black market comprises 15 percent of the world's GDP. The black market is larger than the economies of many countries. View FREE Lessons! Definition of a Black Market:Ī black market is a market in which goods or services are traded illegally, either because the product itself is illegal (such as harmful recreational drugs) or the price exceeds the price ceiling.
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