In this video, we discuss what is the circular economy, how it works, its examples, how it is different from a linear economy, its advantages and barriers.
What is a Circular Economy?
A circular economy follows the reduce- reuse- recycle principle, which basically means minimizing the use of resources, reusing the product parts, and recycling the product wherever possible once it has run its lifespan.
How does a Circular Economy work?
A circular economy basically works on three principles:
– First, redesigning economic activities that have a bad impact on human health.
– Secondly, Using those raw materials in products that can be recycled and reused.
– And finally, Limiting the use of fossil fuels and protecting and enhancing natural resources.
Why go for a circular economy?
Experts believe that circular economy can be a viable tool when it comes to dealing with challenges such as:
– Scarcity of natural resources
– Global climate change
– Excessive waste.
Further, we also discuss the advantages and disadvantages of a circular economy, whether it works, and finally, look at a real-world example of a circular economy.
So, stay tuned till the very end.
Learn more on Circular Economy here – https://www.wallstreetmojo.com/circular-economy/
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