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

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