Costs to produce milk differs significantly â the range is from 4 to 128 US-$ per 100 kg milk. From 2000 â 2012, cost of milk production increased in all countries analysed. Cost of milk production in China is estimated 50% above the level in US and Germany.
Definition of Wages: Wages are remuneration paid to labor in return for the services rendered. Benham has defined the term wages in a restricted sense. According to him, a wage may be defined as a sum of money paid under contract by an employer to a worker in exchange for service rendered.
What is a Living Wage? A living wage refers to the wage level it would take to meet regular living standards for a given area. What is included in the calculation may vary, however, depending on who you ask. For example, basic needsâthings like shelter, clothing, and foodâare always included.