According to Herman Daly, the problem with the standard (circular flow) economic model is that Question 2Answer a. it ignores the waste as by-product of economic activity, assuming the biosphere can absorb it indefinitely b. it ignores the fact that the only resources for the economic activity are the resources of the earth, many of which are necessary for survival and cannot be replaced c. it treats all resources as undifferentiated, ignoring their source and the fact that some are finite d. all of the listed options e. it treats economic growth necessary to satisfy consumer demands as potentially infinite