Black market

underground economyblack moneyblack-marketshadow economyundergroundblack economyblack marketsillegal tradeblackblackmarket
A black market, underground economy, or shadow economy is a clandestine market or transaction that has some aspect of illegality or is characterized by some form of noncompliant behavior with an institutional set of rules.wikipedia
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Illegal drug trade

drug traffickingdrug dealerdrug dealing
Illegal economy participants engage in the production and distribution of prohibited goods and services, such as drug trafficking, arms trafficking, and prostitution.
The illegal drug trade or drug trafficking is a global black market dedicated to the cultivation, manufacture, distribution and sale of drugs that are subject to drug prohibition laws.

Market (economics)

marketmarketsglobal market
A black market, underground economy, or shadow economy is a clandestine market or transaction that has some aspect of illegality or is characterized by some form of noncompliant behavior with an institutional set of rules.
There can be black markets, where a good is exchanged illegally, for example markets for goods under a command economy despite pressure to repress them and virtual markets, such as eBay, in which buyers and sellers do not physically interact during negotiation.

Grey market

gray marketgrey-marketgrey imports
The black market is distinct from the grey market, in which commodities are distributed through channels that, while legal, are unofficial, unauthorized, or unintended by the original manufacturer, and the white market, in which trade is legal and official.
The import of legally restricted or prohibited items such as prescription drugs or firearms, on the other hand, is considered black market, as is the smuggling of goods into a target country to avoid import duties.

White market

The black market is distinct from the grey market, in which commodities are distributed through channels that, while legal, are unofficial, unauthorized, or unintended by the original manufacturer, and the white market, in which trade is legal and official.
It is distinct from the black market of illegally trafficked goods and the grey market, in which commodities are distributed through channels which, while legal, are unofficial, unauthorized, or unintended by the original manufacturer.

Informal economy

informal sectorformal employmentinformal
The "informal economy" comprises those economic activities that circumvent the costs and are excluded from the benefits and rights incorporated in the laws and administrative rules covering property relationships, commercial licensing, labor contracts, torts, financial credit and social security systems.
Other concepts that can be characterized as informal sector can include the black market (shadow economy, underground economy), agorism, and System D.

Unreported employment

moonlightingunder the tableillicit work
In developed countries the informal sector is characterized by unreported employment.
It is a part of what has been called the underground economy, shadow economy, black market or the non-observed economy.

Money laundering

money-launderinglaunderinglaunder
Black money is the proceeds of an illegal transaction, on which income and other taxes have not been paid, and which can only be legitimised by some form of money laundering.
These processes have complicated planning and management of the economy and contributed to the growth of the shadow economy.

Fence (criminal)

fencefencingfences
They may be cheaper than legal market prices. The supplier does not have to pay for production costs and/or taxes. This is usually the case in the underground economy. Criminals steal goods and sell them below the legal market price, but there is no receipt, guarantee, and so forth. When someone is hired to perform work and the client is unable to write off the expense (particularly common for work such as home renovations or cosmetological services), the client may be inclined to request a lower price (usually paid in cash) in exchange for foregoing a receipt, which enables the service provider to avoid reporting the income on his or her tax return.
The thieves who patronize the fence are willing to accept a low profit margin in order to reduce their risks by instantly "washing their hands" of the black market loot and disassociating themselves from the criminal act that procured it. After the sale, the fence recoups their investment by disguising the stolen nature of the goods (via methods such as repackaging and altering/effacing serial numbers) and reselling the goods as near to the white market price as possible without drawing suspicion.

Darknet market

darknet marketsdarknet drug marketsblack market passwords
Personally identifying information, financial information like credit card and bank account information, and medical data is bought and sold, mostly in darknet markets.
They function primarily as black markets, selling or brokering transactions involving drugs, cyber-arms, weapons, counterfeit currency, stolen credit card details, forged documents, unlicensed pharmaceuticals, steroids, and other illicit goods as well as the sale of legal products.

Rum-running

bootleggingbootleggerbootleggers
Rum-running, or bootlegging, is the illegal business of transporting (smuggling) alcoholic beverages where such transportation is forbidden by law.
Rum-running, or bootlegging, is the illegal business of transporting (smuggling) alcoholic beverages where such transportation is forbidden by law.

Medical data breach

medical dataNetwork computer break-in
Personally identifying information, financial information like credit card and bank account information, and medical data is bought and sold, mostly in darknet markets.
In February 2015 an NPR report claimed that organized crime networks had ways of selling health data in the black market.

Protection racket

protection moneyprotectionprotection rackets
An archetype is the protection racket, wherein a person or group (e.g., a criminal gang) indicates to a store owner that they could protect her/his store from potential damage, damage that the same person or group would otherwise inflict, while the correlation of threat and protection may be more or less deniably veiled, distinguishing it from the more direct act of extortion.
Protection rackets tend to appear in markets where the police and judiciary cannot be counted on to provide legal protection, either because of incompetence (as in weak or failed states) or illegality (black markets).

Prohibition in the United States

ProhibitionProhibition eraProhibition-era
The term "rum-running" most likely originated at the start of Prohibition in the United States (1920–1933), when ships from Bimini in the western Bahamas transported cheap Caribbean rum to Florida speakeasies.
Prohibition created a black market that competed with the formal economy, which came under pressure when the Great Depression struck in 1929.

Illegal taxicab operation

gypsy cabJitneyhacking
In most such jurisdictions it is legal to sell the medallions, but the limited supply and resulting high prices of medallions have led to a market in unlicensed carpooling/illegal taxicab operation.
In Sweden, an illegal taxicab is called svarttaxi (black taxi), and is short for black market taxi.

Bitcoin

bitcoinsbitcoin walletBitcoin blockchain
More recently cryptocurrencies such as bitcoin have been used as medium of exchange in black market transactions.
After early "proof-of-concept" transactions, the first major users of bitcoin were black markets, such as Silk Road.

Rationing

rationrationedrations
States that are engaged in total war or other large-scale, extended wars often impose restrictions on home use of critical resources that are needed for the war effort, such as food, gasoline, rubber, metal, etc., typically through rationing. The rationing and price controls enforced in many countries during World War II encouraged widespread black market activity.
Authorities which introduce rationing often have to deal with the rationed goods being sold illegally on the black market.

Gunsmith

gunsmithinggunsmithscheckered
In cases where the underground economy is unable to smuggle firearms, they can also satisfy requests by gunsmithing their own firearms.
Punishment can range from losing their FFL (and therefore the privilege to engage in any firearms-related business), to fines and in severe cases, such as conspiring to supply the criminal element with black market weaponry, imprisonment in a Federal prison.

Ghanaian cedi

cedicedisGH₵
See also the example of the Ghanaian cedi from the 1970s and 1980s.
Inflation continued to eat away at the cedi's value on the black market.

Price controls

price controlprice freezeliberalization of prices
The rationing and price controls enforced in many countries during World War II encouraged widespread black market activity.
As with Diocletian's Edict on Maximum Prices, shortages lead to black markets where prices for the same good exceed those of an uncontrolled market.

Military payment certificate

MPCs
During the Vietnam war, soldiers would spend Military Payment Certificates on maid service and sexual entertainment, thus supporting their partners and their families.
Although actual greenbacks were not circulating, many local merchants accepted MPC on par with US dollars, since they could use them on the black market.

Vincent Peillon

Peillon
Official March 2000 French Parliamentary Report on the obstacles on the control and repression of financial criminal activity and of money-laundering in Europe by French MPs Vincent Peillon and Arnaud Montebourg, third section on "Luxembourg's political dependency toward the financial sector: the Clearstream affair" (pp. 83–111 on PDF version)
*Clearstream scandal (with Arnaud Montebourg, he published a Parliamentary report about underground economy in Luxembourg, of which a whole chapter was dedicated to Clearstream)

Secrecy

covertsecretclandestine
A black market, underground economy, or shadow economy is a clandestine market or transaction that has some aspect of illegality or is characterized by some form of noncompliant behavior with an institutional set of rules.

Goods

goodeconomic goodcommodity
Illegal economy participants engage in the production and distribution of prohibited goods and services, such as drug trafficking, arms trafficking, and prostitution.

Service (economics)

servicesserviceBusiness Services
Illegal economy participants engage in the production and distribution of prohibited goods and services, such as drug trafficking, arms trafficking, and prostitution.

Arms trafficking

gun-runningweapons traffickinggunrunner
Illegal economy participants engage in the production and distribution of prohibited goods and services, such as drug trafficking, arms trafficking, and prostitution.