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.
Minimum wage. A minimum wage is the lowest remuneration that employers must legally pay their workers. Equivalently, it is the price floor below which workers may not sell their labor. Although minimum wage laws are in effect in many jurisdictions, differences of opinion exist about the benefits and drawbacks of a minimum wage.