Black Markets

are created when buyers and sellers meet to negotiate the exchange of a prohibited or illegal good. More generally, it is any unofficial market in which prices are inordinately high.

A black market is an unofficial/illegal market where prohibited goods/services are traded or where transactions avoid regulation and taxes. Prices may be distorted due to risk and scarcity.

- Used to explain the concept in accounting and business contexts.
- Used when training staff or documenting procedures and policies.

- Example: Teams reference **Black Markets** when defining terms in manuals, policies, or training materials.

- Why it matters: Improves clarity and consistency across documentation and decision-making.