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37-998: Santacruz Electronics Export Processing Zone (SEEPZ) is a Special Economic Zone in Mumbai , India. Situated in the Andheri East area, it is subjected to liberal economic laws as compared to the rest of India to promote rapid economic growth using tax and business incentives and attract foreign investment and technology. Seepz was created in 1973 and was seen as export processing zone. Since then many other SEZ's have been created in rest of India. SEEPZ mainly houses electronic hardware manufacturing companies, software companies , and jewelry exporters of India. More than 40 percent of India's total jewelry exports ($ 2,222.31 million) out of $ 5,210.69 million during year 2006-2007 came from units within SEEPZ. There are more than 400 units inside SEEPZ (Santacruz Electronic Export Processing Unit). The Policing

74-528: A Free Trade Zone (FTZ) in 1999. However, gate pass and visitor pass rules continue till date. Making SEEPZ a FTZ meant that it would be treated as outside the customs zone of India. This meant no excise or customs duty will ever be levied on raw materials, companies would have to sell their products/services overseas to earn back precious foreign exchange for the country that was spent in importing those goods using hard currency. Due to its business importance and high concentration of work force SEEPZ has remained

111-593: A "reversal of fortunes" in China's dealings with foreigners since the century of humiliation . Researcher Zongyuan Zoe Liu writes that "[t]he success of these cities as 'red' treaty ports represented another step in China's overall reform and opening-up plan while legitimizing the leadership of the CPC over the Chinese state and people." Numerous African countries have set up SEZs in connection with China, including over

148-464: A company gains by being in a special economic zone may mean that it can produce and trade goods at a lower price, aimed at being globally competitive. In some countries, the zones have been criticized for being little more than labor camps , with workers denied fundamental labor rights . The definition of an SEZ is determined individually by each country. According to the World Bank in 2008,

185-794: A daily basis that is not food-related. A consumer good or "final good" is any item that is ultimately consumed, rather than used in the production of another good. For example, a microwave oven or a bicycle that is sold to a consumer is a final good or consumer good, but the components that are sold to be used in those goods are intermediate goods . For example, textiles or transistors can be used to make some further goods. Commercial goods are construed as tangible products that are manufactured and then made available for supply to be used in an industry of commerce. Commercial goods could be tractors, commercial vehicles, mobile structures, airplanes, and even roofing materials. Commercial and personal goods as categories are very broad and cover almost everything

222-458: A good is a substitute or a complement depends on its relationship to other goods, rather than an intrinsic characteristic, and can be measured as cross elasticity of demand by employing statistical techniques such as covariance and correlation. Goods can be classified based on their degree of excludability and rivalry (competitiveness). Considering excludability can be measured on a continuous scale, some goods would not be able to fall into one of

259-418: A mostly successful in excluding non-paying customer, but are still able to be consumed by non-paying consumers. An example of this is movies, books or video games that could be easily pirated and shared for free. food, clothing, cars, parking spaces like movies, books, video games fish, timber, coal, free public transport cinemas, private parks, television, public transport to more users than what

296-408: A person sees from the time they wake up in their home, on their commute to work to their arrival at the workplace. Commodities may be used as a synonym for economic goods but often refer to marketable raw materials and primary products . Although common goods are tangible , certain classes of goods, such as information , only take intangible forms. For example, among other goods an apple

333-467: A rise in the price of beef results in a decrease in the quantity of beef demanded, it is likely that the quantity of hamburger buns demanded will also drop, despite no change in buns' prices. This is because hamburger buns and beef (in Western culture) are complementary goods . Goods considered complements or substitutes are relative associations and should not be understood in a vacuum. The degree to which

370-426: Is a service provided by an electric utility company. This service can only be experienced through the consumption of electrical energy , which is available in a variety of voltages and, in this case, is the economic goods produced by the electric utility company. While the service (namely, distribution of electrical energy) is a process that remains in its entirety in the ownership of the electric service provider,

407-511: Is a tangible object, while news belongs to an intangible class of goods and can be perceived only by means of an instrument such as printers or television . Goods may increase or decrease their utility directly or indirectly and may be described as having marginal utility . Some things are useful, but not scarce enough to have monetary value , such as the Earth's atmosphere , these are referred to as ' free goods '. In normal parlance, "goods"

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444-685: Is a trend of southeast Asian countries to develop and increase their SEZs. Since 2015, Thailand developed ten SEZs. As of 2024, Indonesia has 13 SEZs, the Philippines has 12 SEZs, and Cambodia has 31 SEZs. The term special economic zone can include: SEZs do not differ from other facilities in industrializing economies. As with any technique administered used by a globalized economy there are oversights by actors that are not domestic. Transnational criminal organizations and terrorist groups have taken advantage of Special Economic Zones and their lack of regulations. Good (economics) A good

481-538: Is always a plural word, but economists have long termed a single item of goods "a good". In economics, a bad is the opposite of a good. Ultimately, whether an object is a good or a bad depends on each individual consumer and therefore, not all goods are goods to all people. Goods' diversity allows for their classification into different categories based on distinctive characteristics, such as tangibility and (ordinal) relative elasticity. A tangible good like an apple differs from an intangible good like information due to

518-405: Is an "economic good" if it is useful to people but scarce in relation to its demand so that human effort is required to obtain it. In contrast, free goods , such as air, are naturally in abundant supply and need no conscious effort to obtain them. Private goods are things owned by people, such as televisions , living room furniture, wallets, cellular telephones, almost anything owned or used on

555-423: Is being paid for free-to-air, air, national defense, free and open-source software Goods are capable of being physically delivered to a consumer . Goods that are economic intangibles can only be stored, delivered, and consumed by means of media . Goods, both tangibles and intangibles, may involve the transfer of product ownership to the consumer. Services do not normally involve transfer of ownership of

592-526: Is done by the Ministry of Finance's Customs branch and the Custodian of SEEPZ is MMTC LTD. ~ Ministry of Commerce unit. These include Fine Jewellery Mfg Ltd., Portescap India Pvt. Ltd., CGI Group Inc., Elegant Collection, Tata Consultancy Services, Syntel, Zycus, ACE Software, Inter Gold, Tara Jewels Limited, Shanker Jewels, Lumina Datamatics Limited, Indus Valley Partners to name a few. Most buildings in

629-425: Is likely to be part of a family of substitute goods ; for example, as pen prices rise, consumers might buy more pencils instead. An inelastic good is one for which there are few or no substitutes, such as tickets to major sporting events, original works by famous artists, and prescription medicine such as insulin. Complementary goods are generally more inelastic than goods in a family of substitutes. For example, if

666-422: Is to say, consuming some goods will deprive another consumer of the ability to consume the goods. Private goods are the most common type of goods. They include what you have to get from the store. For examples food, clothing, cars, parking spaces, etc. An individual who consumes an apple denies another individual from consuming the same one. It is excludable because consumption is only offered to those willing to pay

703-451: Is usually responsible for public goods and common goods, and enterprises are generally responsible for the production of private and club goods, although this is not always the case. In 1977, Nobel winner Elinor Ostrom and her husband Vincent Ostrom proposed additional modifications to the existing classification of goods so to identify fundamental differences that affect the incentives facing individuals. Their definitions are presented on

740-420: The SEEPZ premises. Official website Special Economic Zone A special economic zone ( SEZ ) is an area in which the business and trade laws are different from the rest of the country. SEZs are located within a country's national borders, and their aims include increasing trade balance, employment, increased investment, job creation and effective administration. To encourage businesses to set up in

777-636: The ability of others to consume them. Examples in addition to the ones in the matrix are national parks, or firework displays. It is generally accepted by mainstream economists that the market mechanism will under-provide public goods, so these goods have to be produced by other means, including government provision. Public goods can also suffer from the Free-Rider problem . Private goods are excludable goods, which prevent other consumers from consuming them. Private goods are also rivalrous because one good in private ownership cannot be used by someone else. That

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814-452: The addition of new customers without infringing on existing customers viewing abilities. This would also mean that marginal cost would be close to zero, which satisfies the criteria for a good to be considered non-rival. However, access to cable TV services is only available to consumers willing to pay the price, demonstrating the excludability aspect. Economists set these categories for these goods and their impact on consumers. The government

851-545: The consumption. That is, not everyone can use the good, but when one individual has claim to use it, they do not reduce the amount or the ability for others to consume the good. By joining a specific club or organization we can obtain club goods; As a result, some people are excluded because they are not members. Examples in addition to the ones in the matrix are cable television, golf courses, and any merchandise provided to club members. A large television service provider would already have infrastructure in place which would allow for

888-645: The four common categories used. There are four types of goods based on the characteristics of rival in consumption and excludability: Public Goods, Private Goods, Common Resources, and Club Goods. These four types plus examples for anti-rivalry appear in the accompanying table. Goods that are both non-rival and non-excludable are called public goods . In many cases, renewable resources, such as land, are common commodities but some of them are contained in public goods. Public goods are non-exclusive and non-competitive, meaning that individuals cannot be stopped from using them and anyone can consume this good without hindering

925-433: The impossibility of a person to physically hold the latter, whereas the former occupies physical space. Intangible goods differ from services in that final (intangible) goods are transferable and can be traded, whereas a service cannot. Price elasticity also differentiates types of goods. An elastic good is one for which there is a relatively large change in quantity due to a relatively small change in price, and therefore

962-496: The matrix. Elinor Ostrom proposed additional modifications to the classification of goods to identify fundamental differences that affect the incentives facing individuals Consumption can be extended to include "Anti-rivalrous" consumption. The additional definition matrix shows the four common categories alongside providing some examples of fully excludable goods, Semi-excludable goods and fully non-excludeable goods. Semi-excludable goods can be considered goods or services that

999-400: The modern-day special economic zone typically includes a "geographically limited area, usually physically secured (fenced-in); single management or administration; eligibility for benefits based upon physical location within the zone; separate customs area (duty-free benefits) and streamlined procedures." The United States has long applied special economic rules to its outlying territories for

1036-718: The opening of China in 1979 by Deng Xiaoping was the Shenzhen Special Economic Zone , which encouraged foreign investment and simultaneously accelerated industrialization in this region. These zones attracted investment from multinational corporations and allowed export-oriented Chinese businesses to respond quickly to demand in foreign markets. China continues to maintain Special Economic Zones and certain open coastal areas. Most of China's SEZs are located in former treaty ports and therefore have symbolic significance in demonstrating

1073-635: The period 1990 to 2018 establishing SEZs in Nigeria (two), Zambia, Djibouti, Kenya, Mauritius, Mauritania, Egypt, and Algeria. Generally, the Chinese government takes a hands-off approach, leaving it to Chinese enterprises to work to establish such zones (although it does provide support in the form of grants, loans, and subsidies, including support via the China Africa Development Fund ). The Forum on China-Africa Cooperation promotes these SEZs heavily. As of at least 2024, there

1110-515: The premises is located the ruins of an abandoned Portuguese church, St. John the Baptist Church, Mumbai built in 1579. The church also lay in ruins for years and access to it is restricted since SEEPZ was formed. After much political controversy, it was handed back to Fr Rodney Esperance of Bombay Archdiocese in 2003 in a ceremony organized by Maharashtra Chief Minister Sushil Kumar Shinde . A lake and several canteens are located inside

1147-479: The price. Common-pool resources are rival in consumption and non-excludable. An example is that of fisheries, which harvest fish from a shared common resource pool of fish stock. Fish caught by one group of fishermen are no longer accessible to another group, thus being rivalrous. However, oftentimes, due to an absence of well-defined property rights , it is difficult to restrict access to fishermen who may overfish. Club goods are excludable but not rivalrous in

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1184-482: The prime target of criminals and terrorists. A high-profile case occurred in 1999 when diamonds worth ₹ 1,000 million (US$ 12 million) and gold worth ₹ 39 billion (US$ 470 million) were smuggled out and sold in local market. After the 28 July 2003 Mumbai Bus Bombing major stockpile of explosives was also found near SEEPZ. Women employees working in SEEPZ during the night shifts are entitled transport facility between home and office from their employers. Within

1221-418: The purpose of economic development. Section 936 corporate tax exemptions for Puerto Rico began with Operation Bootstrap in the 1940s and ended in 2006. The federal minimum wage for U.S. territories has in the past been lower than in the states, and as of 2024, American Samoa is still adjusting upward to the nation-wide minimum. Modern SEZs appeared from the late-1950s in industrial countries. The first

1258-414: The service itself, but may involve transfer of ownership of goods developed or marketed by a service provider in the course of the service. For example, sale of storage related goods, which could consist of storage sheds, storage containers, storage buildings as tangibles or storage supplies such as boxes, bubble wrap, tape, bags and the like which are consumables, or distributing electricity among consumers

1295-478: The zone are built to look the same from outside; they're called Standard Design Factories. Others are made by architects to the taste of the owners. SEEPZ is a high security entry zone. Employees of all companies need to have permanent SEEPZ gate pass to gain entry inside SEEPZ (including the Custodian's office, Bank, including Customs officials who police the SEEPZ complex). Visitors, need special permits to enter. Due to these hassles government proposed making SEEPZ

1332-454: The zone, financial policies are introduced. These policies typically encompass investing, taxation , trading, quotas, customs and labour regulations . Additionally, companies may be offered tax holidays , where upon establishing themselves in a zone, they are granted a period of lower taxation. The creation of special economic zones by the host country may be motivated by the desire to attract foreign direct investment (FDI). The benefits

1369-648: Was in Shannon Airport in County Clare , Ireland . Some tax-free jurisdictions such as the Cayman Islands offer technology companies a way to keep their IP offshore in a Special Economic Zone (see Cayman Enterprise City ). From the 1970s onward, zones providing labour-intensive manufacturing have been established, starting in Latin America and East Asia . The first in China following

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