Economists refer a market where buying and selling goods and services that are illegal as

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A black market refers to a market in which illegal goods and services are bought and sold. This term is widely used in economics to describe any market that operates outside the legal framework. The term "black" indicates the illegal nature of the activities taking place in the market, which are often not regulated by any authority. The black market can be found all over the world and is often associated with activities such as drug dealing, arms trafficking, and counterfeit goods.

Economists Refer a Market Where Buying and Selling Goods and Services