What is the "gig economy"? It's often referred to as "freelancing" or "side hustle".
It's been called "temporary work" but some people make that temporary work their full-time permanent occupation. It's a way to start your business on a shoestring budget. Forbes magazine says, "The concept of creating an income from short-term tasks has been around for a long time. The gig economy is very broad, and encompasses workers who are full-time independent contractors (consultants, for example) to people who moonlight by driving for Uber or Lyft several hours a week."
An upside to working in the gig economy is flexibility and freedom. A downside is uncertainty. In other words, there are the ups and downs of running a business.