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The "gig economy" is defined as a labor market characterized by the prevalence of short-term contracts or freelance work instead of permanent jobs. [7] It is a common misconception that participation in the gig economy is a relatively new method of employment.
In 2020–21, the gig economy was estimated to employ 7.7 million workers, with a projected workforce of 23.5 million by 2029–30. The industry is expected to produce a revenue of $455 billion by 2024. [45] 47% of gig workers are employed in medium-skilled jobs, about 22% in high-skilled jobs, and about 31% in low-skilled jobs.
In 2019, Queensland University of Technology published a report stating 7% of Australians participate in the gig economy. [3] 10% of the American workforce participated in the gig economy in 2018. [4] According to a 2019 Bank of Canada report, 18% of Canadians worked in the gig economy for non-recreational reasons. [5]
Non-price competition is a marketing strategy "in which one firm tries to distinguish its product or service from competing products on the basis of attributes like design and workmanship". [1]
Gig workers in the five highest-earning states brought in between $460 and $825 per month. On average, gig workers over age 50 earn an additional $12 to $15,000 annually on Gig Wage’s platform ...
The gig economy is composed of corporate entities, workers and consumers. [2] The Internal Revenue Service defines the gig economy as "activity where people earn income providing on-demand work, services or goods", noting that the activity is often facilitated through a digital platform such as a mobile app or website and earnings may be in the form of "cash, property, goods, or virtual ...
The platform-based gig economy has not grown as fast in South America as in other regions, partially due to a large informal labor market. However, some scholars have noted that Latin America's tradition of worker-organized activism may provide valuable lessons for workers in other regions facing economic challenges posed by platforms.
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