What is the black market?
The black market is not a physical place, but rather an economic activity in which merchandise and/or services are bought and sold illegally. Also called the “underground market,” the black market gets its name due to the fact that its activity is conducted out of sight and often “in the dark,” outside the sight of law enforcement. The black market can be illustrated by something as innocent and innocuous as selling gum on the playground, or by something as serious as the sale of smuggled weapons or drugs. Many factors can make a transaction illegal, thus qualifying it as a black market transaction. The good or service itself may be illegal, such as illicit drugs, weapons, or prostitution. One prime example of a black market created because of an illegal product was the result of prohibition. After alcohol was outlawed in the U.S. in 1919, it was smuggled into the country and sold at speakeasies and private bars. The result was an era of organized crime and an estimated 500 million US
The black market is not a physical place, but rather an economic activity in which merchandise and/or services are bought and sold illegally. Also called the “underground market,?the black market gets its name due to the fact that its activity is conducted out of sight and often “in the dark,?outside the sight of law enforcement. The black market can be illustrated by something as innocent and innocuous as selling gum on the playground, or by something as serious as the sale of smuggled weapons or drugs. Many factors can make a transaction illegal, thus qualifying it as a black market transaction. The good or service itself may be illegal, such as illicit drugs, weapons, or prostitution. One prime example of a black market created because of an illegal product was the result of prohibition. After alcohol was outlawed in the U.S. in 1919, it was smuggled into the country and sold at speakeasies and private bars. The result was an era of organized crime and an estimated 500 million US do
