Final answer:
A loss of circulating estrogen is a primary and major risk factor for developing osteoporosis in women over 50 years of age.
Step-by-step explanation:
A major risk factor for developing osteoporosis for women over 50 years of age is a loss of circulating estrogen. Women go through menopause around the age of 50, during which their ovaries reduce in size and stop producing estrogen. Estrogen promotes osteoblastic activity and the production of bone, so a decrease in estrogen levels can lead to a higher risk of osteoporosis. This is why osteoporosis is more common in women than in men.
The other options mentioned in the question, such as a lack of exercise or a diet low in phosphorus, can also contribute to osteoporosis, but a loss of circulating estrogen is a primary and major risk factor for women over 50.