What is Black market

Black market is a simply speaking a normal market that exists outside the preview of govt
authorities, they usually exist when the thing that you want is either illegal or unavailable in
legal quantities to you, you are willing to pay a higher than market price for it.
For example drugs are Illegal in most countries, but some people want it, and are WILLING to
pay for it. that creates a black market for it. A Kg of heroine, costing
1000$ in streets of Pakistan, costs about a 250,000 in streets of New York.