A circular economy follows the 3R approach: reduce, reuse and recycle.
Resource use is minimized (reduce).
Reuse of products and parts is maximized (reuse).
And last but not least, raw materials are reused (recycled) to a high standard.
This can be done by using goods with more people, such as shared cars.
Products can also be converted into services, such as Spotify sells listening licenses instead of CDs.
In this system, value is created by focusing on value preservation.