The black economy can also be referred to as the underground economy, shadow economy, informal economy, parallel economy, or hidden economy. These terms all refer to economic activity that is conducted outside the formal regulations and taxation systems of a particular country. The black economy typically involves undeclared, cash-in-hand transactions, and can include activities such as illicit trade, tax evasion, money laundering, and unregistered businesses. While the underground economy can provide employment opportunities and financial benefits for those involved, it can also result in lost tax revenues for governments and an unfair disadvantage for legitimate businesses. Governments around the world are continually seeking ways to combat and regulate the black economy.