A gig economy refers to a working arrangement that revolves around individual jobs. In a gig economy, employers utilize short-term contracts instead of long-term employment arrangements. Freelancers or contractors can opt to take these contracts, allowing them to work whenever they choose to do so. In this manner, freelancers are given an unprecedented amount of freedom. However, in exchange, they lose much of the job security associated with traditional forms of employment. Freelancers are never guaranteed that work beyond their immediate contract will be available in the future.
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