Understanding the Gig Economy

The video discusses the gig economy, characterized by short-term freelance work, and its growth in recent years. It highlights the rise of zero hour contracts, especially in the UK, and the flexibility it offers businesses. However, it also presents challenges for governments in regulating this sector and ensuring worker protections. The term 'precariat' describes the insecurity faced by gig workers. The gig economy is linked to the platform economy, with companies like Uber scaling rapidly. Despite its growth, the gig economy faces criticism for low wages and lack of benefits, with political parties proposing changes.

What is a defining characteristic of the gig economy?

• Permanent contracts

• Government jobs

• Short-term freelance work

• Long-term employment

Which of the following is an example of a gig economy job?

• Bank manager

• Factory worker

• Ride-sharing driver

• School teacher

What is a zero-hour contract?

• A contract with health benefits

• A contract with overtime pay

• A contract with no guaranteed hours

• A contract with fixed hours

How has the gig economy changed the way businesses operate?

• Higher fixed costs

• Reduced flexibility

• Increased permanent workforce

• More flexible workforce

What challenge does the gig economy pose for governments?

• Ensuring gig workers have benefits

• Regulating traditional jobs

• Reducing unemployment benefits

• Increasing taxes on gig workers

What does the term 'precariat' refer to?

• Workers with high salaries

• Workers with uncertain income

• Workers with stable jobs

• Workers with government jobs

Which industry is closely linked to the gig economy?

• Retail

• Manufacturing

• Agriculture

• Platform economy

What is a common criticism of the gig economy?

• High wages

• Job security

• Low wages and fewer benefits

• Excessive benefits

How do some employers in the gig economy use their power?

• To ensure job security

• To offer fewer benefits

• To provide more benefits

• To increase wages

What political action is being considered regarding zero-hour contracts?

• Promoting them

• Reducing taxes on them

• Banning them

• Increasing their use