Final answer:
Iron still exists because not all of it has been exposed to oxygen and water, it's protected within the Earth's crust, and new iron sources can be generated by geological processes. Rusting releases energy slowly and does not form a protective layer.
Step-by-step explanation:
The question regards why there is still iron that has not oxidized or rusted despite the Earth's age. Rusting of iron is a chemical process where iron reacts with oxygen and water to form rust, specifically hydrated iron(III) oxide. While it's true that the amount of iron on Earth is vast, not all of it has rusted due to various factors. These factors include the lack of exposure to both oxygen and water, the presence of iron in the Earth's crust where it's protected, and natural geological processes that can generate new iron sources. Moreover, rusting is a slow process that releases energy very slowly, and unlike other metals like copper and aluminum, rusting iron does not create a protective layer to prevent further corrosion.