Which term is used to describe the economic activities that are not regulated by government?

The term that accurately describes economic activities not regulated by government is the "Underground Economy." This term refers to all transactions that occur outside of the formal economy, where goods and services are exchanged without government oversight, regulation, or taxation. These activities can be legal or illegal but are typically "off the books" and therefore evade government tracking and control.

The underground economy can involve legitimate activities such as freelance work or informal trade, but it can also include illegal operations, such as drug trafficking or unlicensed gambling. This economic segment is significant as it represents a portion of the economy that is not part of official statistics, making it challenging for governments to assess overall economic performance accurately.

In contrast to this, terms like the informal economy might refer to legitimate work that is still unregulated, while the black market specifically denotes illegal exchanges of goods and services, often involving prohibited items. The white market, on the other hand, refers to legal economic transactions that are compliant with government regulations. Understanding these distinctions is important in grasping the complexities of economic activities that happen outside of government oversight.