Last edited 13 Jan 2021


In its broadest sense, an economy is an area of production, distribution and trade.

Guide to developing the programme business case, Better business cases: for better outcomes, published by HM Treasury in 2018, defines the word ‘economy’ as: ‘A measure of the extent to which the cost associated with a project, or policy is reduced.’

The term circular economy refers to the maximisation of total material resource efficiency in which everything is engineered to be constantly reused or recycled. For more information see: Circular economy.

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