Final answer:
The gig economy refers to a flexible labor market with an emphasis on short-term contracts and freelance work, promoting entrepreneurship and side hustles as modern work options.
Step-by-step explanation:
The gig economy refers to (c) A flexible labor market. Unlike traditional job markets where individuals might stay with a single company or in one career path for decades, the gig economy is characterized by short-term contracts or freelance work as opposed to permanent jobs. This allows for more entrepreneurship, diversified side hustles, and the freedom to choose when and how to work. However, gig work also means less job security and often a lack of benefits like health insurance or retirement plans. With the rise of platforms that facilitate gig work, more people are pursuing these flexible job options, often in conjunction with a traditional job or as a means of staying afloat in challenging economic times.