Answer: Black market is a kind of commerce that occurs outside of government-approved channels. Illegal market transactions are typically conducted "under the table" in order to dodge government pricing regulations or taxes. A black market's products and services might be unlawful, in the sense that their acquisition and sale are banned by law, or they can be legal but transacted to evade taxes.
Unlawful markets, often known as shadow markets or subterranean markets, are a type of illegal market.
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