Explain the concept of circular economy.

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Explain the concept of circular economy.

The concept of circular economy refers to an economic system that aims to minimize waste and maximize the use of resources by keeping them in a continuous loop of use, reuse, and recycling. It is based on the principles of reducing, reusing, and recycling materials and products to create a closed-loop system where resources are not wasted but rather continuously circulated and utilized. The goal of a circular economy is to move away from the traditional linear model of production and consumption, which is based on a take-make-dispose approach, and instead promote a more sustainable and regenerative approach that focuses on resource efficiency, waste reduction, and the preservation of natural resources.