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black market

Sanwellsr2fiwriu – San wells Real Site

What Is the Black Market?

A black market is a transaction platform, whether physical or virtual, where goods or services are exchanged illegally. What makes the market “black” can either be the illegal nature of the goods and services themselves, the illegal nature of the transaction or both.

For example, while neither buying nor selling food is illegal, the transaction enters the black market when the good sold is illegal, such as foie gras in California.1 And while it’s perfectly legal to sell hamburgers, when an all-cash restaurant does not remit to the state government the mandatory sales taxes on its transactions, it too has entered the black market.

black market

Why Black Markets Exist

Sanwells Black markets, also called shadow markets,  sanwellsr2fiwriu come about when people want to exchange goods or services that are prohibited by governments. Black markets skew economic data, as transactions are unrecorded. Black markets also arise when people don’t want to pay taxes on the transaction for legal or illegal goods or services. Some black markets exist simply because people don’t realize there are laws they aren’t following, such as bartering and not reporting the taxable value of the transaction, or hiring a regular housekeeper or babysitter but failing to pay employment taxes.


Licensure-Driven Black Market Conditions

The licensing restrictions that governments impose on numerous occupations cause some workers to enter the black market because they don’t want or can’t afford to invest the time and money to obtain the required licenses. For example, in New York City, one must purchase a license called a medallion in order to legally operate a taxi business.2 These medallions cost hundreds of thousands of dollars, making them prohibitively expensive for most entrepreneurs.3 As a result, some people may choose to operate black-market taxis without a license – at least, until they are caught. Ride-sharing services like Uber or Lyft have further splintered the market for these types of businesses.

Trade-Driven Black Market Conditions

Sometimes participants in black markets don’t want to act illegally, but because they lack the ability to work legally and need to make money, they don’t report their jobs or income to the government. Such situations arise when illegal immigrants obtain jobs, when students traveling abroad obtain employment without acquiring a work visa or when children work in violation of minimum age requirements.


Source: https://www.investopedia.com/articles/economics/12/mechanics-black-market.asp

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