ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -What is Freelancer? An individual who makes money on a per-job basis is a freelancer. They usually earn on a per-task basis and generally work for a short time. In simpler terms, they do not work for a firm. Thus, they enjoy the liberty to work on various jobs for different clients simultaneously.

Detailed explanation-2: -Sometimes an entire freelancing contract may be called A Statement of Work and it will include every aspect of all tasks that you as a freelancer will work on for the client. Other times A Statement of Work may be provided to you as a second document that’s arguably just as important as your contract.

Detailed explanation-3: -The terms ‘freelancer’ and ‘contractor’ are often interchanged, but these are two different things. Whilst a contractor will work full-time for one client, a freelancer usually has their own premises and has multiple clients.

Detailed explanation-4: -Freelancers are more likely to take on multiple projects simultaneously, usually for several clients. They manage their work as they like and charge for work completed. It’s not unusual for independent contractors to only work with one client at any time, paying for a specific time period or a specific range of work.

Detailed explanation-5: -Freelancers are free to take on multiple small jobs with multiple organizations at the same time. This means that they can be more flexible with the jobs they choose to take on and when they take them on. Here are some other characteristics that distinguish freelancers from other part-time/ remote workers.