Meaning & use
black economy
Last updated
Meanings
nounsingularBritishbusiness
Paid work and trade that is hidden from the authorities, so that no tax is paid on it.
Grammar: Usually used with the: the black economy.
Patterns
- work in the black economy
- the black economy in somewhere
Many cash jobs fall into the black economy.
The government wants to shrink the black economy.
Some builders work in the black economy to avoid paying tax.
nounsingularBritish
Illegal trade in banned goods or services, considered as a whole.
Grammar: Sometimes used loosely for crime-related trade.
Patterns
- the black economy of something
Smuggled cigarettes feed the black economy.
The black economy thrives where rules are heavy.
Police are targeting the black economy in counterfeit goods.
Common combinations
- work in the black economy
- He lost his benefits for working in the black economy.
- tackle the black economy
- The new rules aim to tackle the black economy.
- size of the black economy
- Estimates of the size of the black economy vary.
- thrive in the black economy
- Cash businesses can thrive in the black economy.
- feed the black economy
- Unlicensed sales feed the black economy.
Synonyms and how they differ
- shadow economy
- Shadow economy is the more neutral and widely used term in economics, with nearly the same meaning.
- underground economy
- Underground economy is the American equivalent, and can include illegal trades.
- informal economy
- Informal economy refers to unregistered small-scale work, often in developing countries, and implies less wrongdoing.
- black market
- A black market is the illegal buying and selling of goods, which is narrower than the whole economy.
Opposites
Word family
- economy noun
- a system of trade and money
- economic adjective
- relating to the economy
- economist noun
- an expert on economics
- black market noun
- illegal trade in goods
Commonly confused: black economy or black market?
black economy vs black market
A black market is illegal buying and selling; the black economy is all the hidden income and work.
Practice
A cash payment that is never reported to the tax office is part of the ___.
Choose one answer.
Unreported cash work belongs to the black economy. The green economy is about the environment and the gig economy is short-term contract work.
Make it your own
Write a sentence using “black economy”, then check it and compare it with the examples above.