Answer:-
In economics, the black market refers to illegal buying and selling of goods or services, often to avoid taxes or government regulations. Transactions on the black market happen outside official channels, meaning they aren’t monitored or recorded by authorities. Common examples include the sale of banned drugs, counterfeit goods, or smuggled products. Black markets can also emerge when legal goods become scarce or heavily regulated, like fuel or medicine. While they may offer quick access or lower prices, black markets can harm the economy, encourage corruption, and pose risks to consumers due to a lack of safety standards and oversight.
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