__________ is a free market system where temporary positions are prevalent, and organizations hire independent workers for very short-term engagements.
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. Gig Economy.
- The Gig Economy operates as a laissez-faire system where temporary roles prevail, and organizations engage independent workers for short-duration contracts. This includes online platform workers, contract employees, on-call laborers, temporary workers, or freelancers. The term "gig" colloquially refers to these short-term jobs.
- In a Market Economy, pricing of goods and services and economic decisions are determined by interactions among a nation's citizens and businesses.
- A Communist Economy entails the elimination of class distinctions, with the community collectively owning the means of production.
- In a Traditional Economy, economic activities are influenced by longstanding traditions, customs, and beliefs, dictating the production of goods and services.