The factor of production labour receives a payment called wages - Leaving Cert Economics - Question 3 - 2013

1. Different Skills: Jobs require varying degrees of skill and training. For example, a doctor, who has undergone extensive training, commands a higher wage compared to a nurse due to the complexity and responsibility of their role.

2. Nature of the Job: The risk and difficulty associated with a job can influence wage rates. More hazardous jobs, such as those in construction or fishing, tend to offer higher wages to attract workers, reflecting the inherent dangers involved.

Occupational mobility of labour refers to the ability or ease of a worker to move from one job to another within the economy.

One factor that influences this mobility is the availability of training and education programs. Access to upskilling opportunities allows workers to transition into new roles, thereby increasing their employability in different job markets.

The public sector includes jobs within state bodies and government departments, typically funded by taxpayers. An example of an occupation within this sector is Secondary School Teaching.

The government aims to reduce costs related to running the public sector in order to improve its financial position. By cutting down on personnel, it can reallocate resources more efficiently and address fiscal deficits.

1. Government Finances: Reducing public sector jobs may ease the financial burden on the government, potentially leading to lower taxes or reduced debt levels.

2. Provision of Services: With fewer employees in the public sector, the efficiency of services may decline. For instance, reduced staff in hospitals could lead to longer wait times and less effective patient care, ultimately impacting public health.

1. Increased Wage Rates: Companies may raise wages to attract skilled workers, leading to increased operational costs that can affect overall business profitability.

2. Loss of Productivity: With a shortage of skilled programmers, project timelines may be extended, resulting in delays and lower productivity levels within the IT sector.

1. IT Companies: Increase wage rates to attract potential candidates from other sectors or countries.

2. Colleges / Universities: Offer scholarships to students pursuing IT courses to encourage enrollment and training in the field.