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

The term that specifically describes the loss of value due to consumption, particularly in resource extraction contexts like mining and timber removal, is depletion. This refers to the reduction in quantity and value of a natural resource as it is harvested or exploited over time. For instance, when timber is cut down or minerals are mined, the available stock decreases, which directly leads to a decline in value derived from that resource.

Depletion is a crucial concept in fields such as accounting and resource management, where it's important to account for the resource's declining availability and the economic implications of its extraction. This understanding helps stakeholders make informed decisions about sustainability and investment in resource-based sectors.