Black Market: Definition & Effects on the Economy

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Which of the following the best way to describe the black market?

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1. What is the term, similar to black market that is sometimes used to describe the market where legal items are bought and sold in an illegal way?

2. Approximately what percent of the world's employment is through the black market?

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About This Quiz & Worksheet

Black markets emerge and respond to a demand for things that are illegal, scarce or sometimes too costly to buy through legitimate channels. The characteristics of black markets and their effect on the overall economy are the focus of this quiz and worksheet.

Quiz & Worksheet Goals

Topics covered in this quiz on black markets include the following:

  • Defining features of black markets
  • Black market jobs
  • Typical black market products
  • The illegal sale of legal goods
  • Traditional industry's response to black markets

Skills Practiced

  • Information recall - access your knowledge of black markets
  • Interpreting information - make sure you can read about black markets and understand their key characteristics and effects
  • Knowledge application - use your knowledge to answer questions about the scope of black markets

Additional Learning

To learn more, read the lesson, Black Market: Definition & Effects on the Economy. The lesson covers the following objectives:

  • List the incentives to purchase legal goods on the black market
  • Describe the black market workforce
  • Understand the difficulties involved in shutting down black markets
  • Explain how black markets force traditional industries to meet consumer demands
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