Below is an instruction that describes a task, paired with an input that provides further context. Write a response that appropriately completes the request.

### Instruction:
Write a classification statement which best describes the following paragraph

### Input:
The gig economy is an economic system in which temporary positions are common and organizations contract with independent workers for short-term engagements. This type of economy is also referred to as the sharing or collaborative economy. In the gig economy, companies do not have to commit to long-term contracts or commitments and can quickly hire and fire individuals to meet their needs.

### Response:
The gig economy is an economic system which involves the hiring of independent workers for short-term engagements and deploys temporary positions in place of long term commitments.