Underground market: meaning, definitions and examples

Used when referring to economic activities or markets that operate below the surface, often out of sight of regulations and authorities. This term is generally neutral but implies a hidden aspect.

• The underground market for vintage electronics has grown significantly.
• Collectors often turn to the underground market to find rare items.

This term has a negative connotation and refers specifically to illegal buying and selling of goods and services. It implies unlawful activities and is often used when discussing crime or unregulated, dangerous transactions.

• After the ban, the price of the product skyrocketed on the black market.
• The authorities cracked down on the black market for counterfeit medicines.

Used when discussing economic activities that take place outside of official recognition or regulation, including both legal and illegal transactions. Often used in academic or policy discussions.

• The shadow economy can account for a significant portion of a country's GDP.
• Efforts are being made to integrate the shadow economy into the formal sector.

Emphasizes the illegality of the trade, often used in formal or legal contexts. It suggests a clear violation of laws or regulations.

• Law enforcement agencies are stepping up efforts to combat illicit trade in wildlife.
• Illicit trade in human organs is a serious global issue.

This term is usually used when referring to illegal or black market activities where goods and services are exchanged without the oversight of official regulations and laws.

• Buying stolen goods or illegal substances often happens in the underground market

This term describes economic activities that are not regulated by the government and are often not taxed, which can include both legal and illegal activities.

• Street vendors and home-based businesses are common parts of the informal economy in many developing countries

Similar to the informal economy, but specifically refers to a secondary, coexisting set of economic activities that may be legal but operate outside of the official policies and regulations.

• The parallel economy can flourish in countries with heavy regulations, where small businesses find it easier to operate outside of official channels

This phrase refers to non-mainstream or unconventional ways of buying and selling, which may operate legally but outside of traditional economic systems.

• Many people look for unique handmade crafts in alternative marketplaces