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A "black market" is any buying and selling of goods done off the record. Black markets pop up when an item has been made illegal. A good example is the trade in illegal drugs such as marijuana and cocaine. It is not legal to buy or sell these but there is a demand for them. Black marketeers fill this demand but, for obvious reasons, they do not report their transactions. Profits in a black market can be large but the risks are great.

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Q: What is meant by the term black market?
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