Draft Black Market and Economy Black market also known as black economy, unofficial, informal, or underground market develops even though the government authorities’ countless efforts to control the supply and demand situation in the country. Items traded in black market are drugs, alcohol, tobacco, weapons, and any other electric items that have adverse impact on the health of the economy, public health and safety. Categorically, black market economy is made up of two type of activities: Legal Activities Illegal Activities Effect of Black Markets on Economy: Importing and exporting of illegal products have become common nowadays but still some parts of the world are more affected than others. Negative Effects on Economy: Luintel argued that in a black market, buying and selling of goods occurs in an illegal way (161).
Here, tax regulations and trade laws are not followed. Black market exists even in highly controlled economies where government shares many products like food, luxury items, etc. Positive Effects on Economy: It helps the economy by collecting revenue amounting to billions of dollars. Grading Rubric 0-20% Poor writing skills, Lack of incorporating all required elements of the topic, poor referencing. 20-40% Better. In-adequate research to address all aspects of the topic, mistakes in referencing.
40-65% Good. Adequate research to cover all aspects of the topic. Few mistakes in referencing. 65-100% Excellent. Full coverage of the topic. In-depth research. No grammar or referencing mistakes.