« Back to Glossary Index« Back to Glossary Index
Tags: economy
Categories: Economics & Finance
Usually untraceable, and hence untaxable, business dealings that are not reflected in a country’s gross domestic product (GDP) computations. An integral part of most third-world and many first-world economies, it is a cash based system in which transaction records are kept in secret account books (called ‘number two’ accounts).
(Read more: http://www.businessdictionary.com/definition/black-economy.html#ixzz2L5YvdJGo)
Synonyms:
underground economy, informal economy
