A. The prevailing economic model of the last century, often termed the 'linear economy', is built upon a simple 'take-make-dispose' framework. Resources are extracted, manufactured into products, and sold to consumers, who eventually discard them as waste. This paradigm has driven unprecedented growth but at a significant environmental cost, leading to resource depletion and escalating landfill crises. In response, the concept of a 'circular economy' has gained considerable traction. As defined by proponents like the Ellen MacArthur Foundation, this model aims to redesign the system entirely, focusing on principles such as designing out waste and pollution, keeping products and materials in use, and regenerating natural systems. While industrial innovation and policy support are critical pillars of this transition, the success of the circular economy hinges equally, if not more so, on a profound transformation in consumer psychology and behaviour. B. A fundamental hurdle to the wide-scale adoption of circular business models, such as leasing or product-sharing, is the concept of 'psychological ownership'. Humans instinctively place a higher value on items they personally own. This…
Power IELTS — power-ielts.com