Question

What is the difference between black and informal markets?

Answer 1

There’s one but important difference. Black market is a place where you can sell and buy items that are restricted or forbidden by the law. For example, drugs, weapons or pornographic materials. Selling and buying those items or services is against the law, that’s why sellers often pretend they have another, legal business and you need to gain their trust before you can buy anything from them. Selling and buying anything from the black market is considered a crime so today, most of black market is taking place in the Darknet (hidden part of the internet that can be accessed only with specific software and proper authorization).

In informal market (or “grey”) people sell legal items (such as perfumes or computer games) but outside of the legal market and thus they don’t pay taxes that would be otherwise required. Because they don’t pay taxes, they can afford to set a much lower price than legal markets.

In short: Grey market sells legal items to avoid taxes, black market sells items that are forbidden by law and you can be charged and punished for having them.

Hope you will have a great day!

Answer 2

black market take black money while informal market take the white money