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Economics vocabulary · Jobs and Unemployment

Gig economy

Meaning in economics, with examples

nounCommon term

In economics, gig economy means: The part of the labour market where people work on short tasks or jobs, often found through apps, instead of having a permanent employer.

In Turkish: gig ekonomisi, platform ekonomisi

How it is used

Typical gig work includes food delivery, ride-hailing and freelance online tasks. Debates focus on flexibility versus job security and whether gig workers are employees or self-employed. The word gig originally meant a single music performance.

Example sentences

  1. Many young people in the city earn a living in the gig economy as delivery riders.

  2. Gig economy workers usually have no paid holidays or sick pay.

Common collocations

  • gig economy workers
  • gig work
  • platform workers
  • the rise of the gig economy
  • labour marketThe market in which workers offer their time and skills and employers hire them, setting the level of employment and wages.
  • informal economyEconomic activity that is not registered with or regulated by the state, such as unregistered workers and businesses that pay no tax or social security.
  • wageThe money a worker is paid for their work, especially when it is calculated by the hour, day or week.
  • job creationThe process by which an economy or a business adds new jobs, often measured as the number of new positions in a month or a year.

More terms: Jobs and Unemployment

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This page explains English vocabulary for learners. It is not financial advice.