A "black market" refers to an illegal trading system where goods and services are exchanged without government regulation or oversight. This market often arises when certain products, such as drugs, weapons, or stolen goods, are prohibited or heavily taxed. Participants in the black market seek to avoid legal restrictions, leading to transactions that can be risky and unregulated. Black markets can also emerge for legal items when demand exceeds supply, such as during times of crisis or shortages. For example, tickets for popular events may be sold at inflated prices on the black market. These activities can undermine legitimate businesses and pose challenges for law enforcement.