Which of the following is NOT a type of depreciation?

The concept of depreciation encompasses various ways that the value of an asset diminishes over time. Physical obsolescence refers to the loss of value due to physical wear and tear or deterioration. Functional obsolescence pertains to a decrease in an asset's market value due to changes in tastes, preferences, or technological advancements that render an asset less useful or desirable. External obsolescence relates to a loss in value caused by external factors such as changes in the surrounding area or economic conditions.

In this context, naming a type that is not fundamentally recognized as a standard form of depreciation is crucial. The term "economic obsolescence" can be misleading if misinterpreted, but it is important to recognize that the phrase does not traditionally categorize the types of depreciation recognized in valuation practices. Rather, it is often used interchangeably with external obsolescence, which links to external impacts affecting an asset’s value. By distinguishing between standard depreciation categories, "economic obsolescence" can be seen as a less defined term within this specific context, making it the easiest to challenge as not being a formally recognized type of depreciation.