What is a circular economy?
The ideal type of economy is a circular one that tries to minimise waste and use resources again and again. A circular economy is based on three principles: reduce, reuse, and recycle. In a circular economy, waste is minimized, natural resources are conserved and pollution is reduced. The first step is to eliminate the over-extraction of raw materials by using secondary raw materials salvaged from existing products.
What are secondary raw materials?
Secondary raw materials are products that have already been used in the manufacturing process. These are products designed so that at the end of their lives, they can be upgraded, repaired or go through a new manufacturing process. They also are more durable and resilient.
What is the sharing economy?
Closely related to the circular economy is the sharing model, based on the idea of owning less and working together when using or buying a product. In the sharing economy, people join in groups to rent or swap products and services, such as transport and cars. Many companies have been created recently to connect drivers with passengers. Other ways to share include housing, parking, workspaces, grocery delivery.