If you were advising your government on stemming black market economies, what would you propose? - Essay Example

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If you were advising your government on stemming black market economies, what would you propose?

Also, the term “underground market” used to also describe a black market is based on the actual activity done secretly, avoiding the knowledge of authorities and the government. Some of the examples of black market would be the trade of food, drugs, weapons, and even people (What is the Black Market, n.d.). Indeed, though people has built the mindset that black market is wrong mainly because it is against the law, it is also imperative to know its effects on one’s economy and its future relations with other states. Now when products such as weapons or drugs are being purchased through the black market, the supply and demand of the specific merchandise would be greatly affected, even towards its indirect substitutes, causing the purchase habit of consumers, pricing, and the market environment and conditions to change. An imminent result to which would be the imminent drop in demand from legal businesses because people would prefer to buy from the black market because of the significantly low prices (The Effects of a Black Market Using Supply and Demand, n.d.). ...Show more

Summary

Effects of the Black Market Every society and its people is being governed by a certain kind of government that exists to manage their economy to better each individual’s well-being, contributing to a positive state of society. However, because of the different societal conditions comprising political, economical, & cultural concerns, each government institutes different kinds of solutions to the problems they face…
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