Final answer:
Technological progress has allowed us to substitute renewable resources for some nonrenewable resources and has made once-crucial natural resources less necessary. Once adjustment is made for inflation, the prices of most natural resources have been about steady or falling.
Step-by-step explanation:
Technological progress has allowed us to substitute renewable resources for some nonrenewable resources. For example, advancements in solar and wind technologies have made it possible to rely more on renewable energy sources, reducing the need for fossil fuels. Once adjustment is made for inflation, the prices of most natural resources have been about steady or falling. This is because improvements in technology and efficient extraction methods have increased the supply of natural resources, resulting in more stable or lower prices. Lastly, technological progress has made once-crucial natural resources less necessary. For instance, the development of synthetic materials and substitutes has reduced the demand for certain natural resources, such as rare earth minerals.
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