black market vs merchandise

black market and merchandise both are nouns.

Word	Noun	Adjective	Verb	Adverb
black market	Yes	No	Yes	No
merchandise	Yes	No	Yes	No

As verbs, merchandise is a hypernym of black market; that is, merchandise is a word with a broader meaning than black market:

Other hypernyms of black market include trade.

black market (noun)	merchandise (noun)
an illegal market in which goods or currencies are bought and sold in violation of rationing or controls	items for sale to the individual consumer
people who engage in illicit trade	branded products meant to promote another product, especially films and pop groups

black market (verb)	merchandise (verb)
deal in illegally, such as arms or liquor	engage in the trade of