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English definition of “black market”

black market

noun [C, usually singular]     COMMERCE
an illegal system in which products that are difficult or expensive to buy legally are bought and sold: Tickets were selling for up to $800 on the black market.black market in sth There is a growing black market in fake branded goods.black market for sth Gunmakers have been accused of feeding a black market for illegal handguns.
an illegal system in which workers are employed for very low wages: Some unscrupulous employers take workers on the black market to avoid paying the minimum wage.
(Definition of black market noun from the Cambridge Business English Dictionary © Cambridge University Press)
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