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Free access and unrestricted mining of iron ore led to the depletion of the iron ore deposits in Rockland.As a result,several economic activities were adversely affected.What caused the overexploitation of these resources when their conservation could have benefited the consumers in the economy?
Recovery
Recovery refers to the process of improvement or healing, often used in economic contexts to denote the period following a recession during which economic activity resumes and grows.
Labor Productivity Growth
An increase in the amount of goods and services produced by one hour of labor.
Capital Stock
The total amount of physical and financial assets used in the production of goods and services within a company or economy.
Technological Change
The process of innovation and improvement in technology, which typically increases the efficiency of production processes and can drive economic growth.
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