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

A circular economy is an economic model aimed at minimizing waste and making the most of resources. It is a shift from the traditional linear economy, which follows a 'take-make-dispose' approach, towards a regenerative system where products, materials, and resources are kept in use for as long as possible. In the context of operations management, the circular economy emphasizes sustainable production processes, efficient resource management, waste reduction, and recycling, thereby promoting environmental responsibility and economic efficiency.

In operations management, the circular economy plays a critical role in designing processes that prioritize reuse, remanufacturing, refurbishment, and recycling. This model seeks to create closed-loop systems where the _________ _________ __________ _____ _____ ________ ____ _________ __________ ____ ________.
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