gray market

The term “black market” is often used to describe the illicit trade of goods and services. These activities are carried out without formal regulation or oversight, creating a host of risks and challenges for consumers, sellers, and law enforcement. While black markets can facilitate access to rare or restricted goods, they also pose significant health and safety risks, as well as economic distortions and losses. Understanding the dynamics of black markets is essential for policymakers, regulators, and citizens seeking to mitigate these dangers and promote more equitable and transparent systems of exchange.