Markets can be classified on basis of whether it is legalized by the government authorities or not. In a legal market, buying and selling always takes place on a legal basis and the government generally fixes the prices of the commodities. The products displayed at the government shops, show rooms etc are sold only at fixed prices. They are commonly known as fixed price shops.
A Black market doesn’t have the sanction of either the regulatory authorities or the government. When a seller sells his goods at a higher price than that fixed by the government, black marketing takes place. Goods are sold only to those buyers who are able to pay the highest price. When the demand for certain commodities is higher than the supply and the price fixed by the government, black marketing of that good takes place.
Thus this illegal market with no government regulations has been thriving in one form or the other in almost all parts of the world. When black marketing overwhelms the market, the regulatory affairs experts face a challenging task. They will have to step in before the situation spins out of control.
The government departments will approach the [url=http://www.regulatoryworld.com]Regulatory affairs[/url] experts and renowned regulatory institutions to devise methodologies that will keep the activities of the black marketers and other unscrupulous operators under check. People with average incomes suffer the most in a black market.