What term describes the loss of value due to consumption, such as mining and timber removal?

The term that describes the loss of value due to consumption, such as mining and timber removal, is depletion. Depletion refers specifically to the reduction in the quantity of a natural resource, which occurs when it is extracted or consumed. This is particularly relevant in industries that rely on finite resources, as these activities lead to a decrease in the overall stock of the asset, resulting in diminished future economic benefits.

In contrast, deterioration typically relates to the physical decline of an asset over time due to wear and tear, rather than consumption of the resource itself. Devaluation generally refers to a decline in an asset's market value due to external factors, which may not necessarily be linked to resource consumption. Depreciation, on the other hand, is an accounting method used to allocate the cost of tangible assets over their useful lives, accounting for wear and tear, but it does not specifically address the consumption of natural resources in the same direct manner as depletion does. Thus, depletion is the most accurate term to describe the loss of value linked directly to the extraction and consumption of natural resources.