black economy
illegal business dealings
TRANSLATION
black economy = die Schattenwirtschaft, die Untergrundwirtschaft --- GOOGLE INDEX black economy: approximately 350,000 Google hits
STATISTICS
IN THE PRESS
The Tax Office is cracking down on the BLACK ECONOMY, targeting businesses that are not declaring cash revenues:
(Sydney Morning Herald)
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The Central Statistics Office estimates that human traffickers are part of a BLACK ECONOMY in Ireland that makes over €1bn a year.
(www.rte.ie)
(Sydney Morning Herald)
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The Central Statistics Office estimates that human traffickers are part of a BLACK ECONOMY in Ireland that makes over €1bn a year.
(www.rte.ie)
Did you
know?
black economy
noun phrase
- business activity and income that people do not record in order to avoid paying tax on it
(Cambridge Dictionary)
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The black economy is that part of a country's economic activity derived from sources that fall outside of the country's rules and regulations regarding commerce. The activities can be either legal or illegal depending on what goods and/or services are involved.
A classic example is the construction worker who is paid under the table without having taxes withheld or without the employer paying taxes on the his earnings. The construction work is legal. It is the non-payment of taxes that classifies the event as part of the black economy. The illegal-weapons trade is an example of black-economy activity that is illegal.
Black markets are those goods and services that form the black (or underground) economy. Black markets typically arise when a government restricts economic activity for particular goods and services, either by making the transaction illegal or by taxing the item so much that it becomes cost-prohibitive.
And then there is the "grey market," which involves the trading of a commodity through distribution channels which, while legal, are unofficial, unauthorized, or unintended by the original manufacturer. For example, if a store owner is an unauthorized dealer of a certain high-end electronics brand, the product is considered to be sold in the grey market. If the product is illegal, it would be selling on the "black market".
(adapted from Investopedia, Wikipedia)
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SMUGGLE OWAD into today's conversation
"The black economy affects all of us in one way or another."
noun phrase
- business activity and income that people do not record in order to avoid paying tax on it
(Cambridge Dictionary)
---
The black economy is that part of a country's economic activity derived from sources that fall outside of the country's rules and regulations regarding commerce. The activities can be either legal or illegal depending on what goods and/or services are involved.
A classic example is the construction worker who is paid under the table without having taxes withheld or without the employer paying taxes on the his earnings. The construction work is legal. It is the non-payment of taxes that classifies the event as part of the black economy. The illegal-weapons trade is an example of black-economy activity that is illegal.
Black markets are those goods and services that form the black (or underground) economy. Black markets typically arise when a government restricts economic activity for particular goods and services, either by making the transaction illegal or by taxing the item so much that it becomes cost-prohibitive.
And then there is the "grey market," which involves the trading of a commodity through distribution channels which, while legal, are unofficial, unauthorized, or unintended by the original manufacturer. For example, if a store owner is an unauthorized dealer of a certain high-end electronics brand, the product is considered to be sold in the grey market. If the product is illegal, it would be selling on the "black market".
(adapted from Investopedia, Wikipedia)
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SMUGGLE OWAD into today's conversation
"The black economy affects all of us in one way or another."
