Economy
Circular Economy
Definition
An economic model that minimizes waste by designing products for reuse, repair, remanufacturing, and recycling — replacing the traditional "take, make, dispose" linear model.
Explanation
The EU leads circular economy policy with its Circular Economy Action Plan. Companies like Patagonia (repair), IKEA (furniture resale), and Apple (recycled materials) are adopting circular principles. The Ellen MacArthur Foundation estimates circular economy adoption could generate $4.5T in economic value by 2030. Critical for reducing resource dependence and CO2 emissions.