Terms Beginning With 'u'

Underground Economy

  • January 22, 2020
  • Team Kalkine

The underground economy, also known as shadow economy or the black market or the informal economy, refers to the economic transaction of goods or services that are considered illegal, either due to unlawful trading or failing to comply with governmental reporting requirements. Therefore, such transactions are far from the reach of tax collectors and regulators. The term may also refer to the ordinary legal activities executed without the securing of required licenses and tax payments such as unreported income from self-employment, stolen drug trading, smuggling, drug dealing, illegal gambling, fraud.

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