|1.||a. any system in which goods or currencies are sold and bought illegally, esp in violation of controls or rationing|
|b. (as modifier): black market lamb|
|2.||the place where such a system operates|
|3.||to sell (goods) on the black market|
The illegal buying and selling of goods above the price fixed by a government. Black markets usually develop when, because of war, disaster, or public policy, a government tries to set prices for commodities instead of allowing the normal operations of supply and demand to set prices.