Why Black Market Exists in the Economy?

Black Market, the subset of informal market, is considered to be outcome of scarcity. There are many other reasons that give rise to such market such as:
The exclusion of potential buyers by equilibrium price gives birth to shadow economy.
A binding price ceiling imposed by the government. This leads to less profit. But the demand goes on increasing. These sometimes give birth to black market as the products are sold above the ceiling price. this leads to generation of black money. For example, gasoline purchased at ceiling price from the market and then sold at higher price in the black market.
Unemployment – When the people fail to find jobs in white market, they resort to black market.
Low economic community – There are some instances showcasing farmers are not able to yield or get monetary gain from their existing farm product. So, to gain more they begin to grow the products which institution does not allow, as they guarantee more gain.

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