What do you mean by circular economy? Explain the principles of circular economy with suitable examples.

A circular economy is an economic system aimed at eliminating waste and promoting the continual use of resources. It contrasts with the traditional linear economy, which follows a "take-make-dispose" model. In a circular economy, resources are kept in use for as long as possible, extracting their maximum value, and then recovered and regenerated at the end of their lifecycle. Operations management plays a critical role in implementing circular economy principles by optimizing processes, reducing waste, and improving efficiency across the supply chain.

Principles of Circular Economy

1. Design for Longevity and Sustainability
   Products should be designed for durability, repairability, and recyclability, ensuring they last longer and generate minimal waste.
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