What do economists refer to as Black Markets?

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Markets where products are traded at prices exceeding the legal or official limits.Situations where buyers or sellers evade paying the required taxes.The sale of prohibited or unlawful goods.Economic activities that are excluded from GDP calculations.

Explanation

Black Markets are defined as markets where goods are sold at prices higher than the legally set or official prices. While tax evasion, illegal goods, and unrecorded transactions may occur in black markets, the key characteristic is the trading above legal price limits.