Meaning of the word "black market" in English

What does "black market" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

black market

US /ˈblæk ˌmɑːr.kɪt/
UK /ˈblæk ˌmɑː.kɪt/
"black market" picture

Noun

an illegal traffic or trade in officially controlled or scarce commodities

Example:
The government is trying to crack down on the black market.
He bought the rare artifact on the black market.

Adjective

relating to or involved in illegal trade

Example:
They were caught selling black market goods.
The country is struggling with a rampant black market economy.