ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A black market is any market where the exchange of goods and services takes place in order to facilitate the transaction of illegal goods or to avoid government oversight and taxes, or both.

Detailed explanation-2: -People use a variety of terms to refer to the illegal black market, including the underground economy, the shadow economy or the bootleg market.

Detailed explanation-3: -This illegal trade takes place in secret, or in the dark, hence the name “black market.” Because black-market trade occurs “off the books, ” so to speak, it represents a whole sector of a country’s economy that cannot accurately be measured.

Detailed explanation-4: -Black marketing in India is as illegal as it is in any other country and those found guilty of dealing with the black market are often punished severely. The fines can run into several thousands of dollars.