Which of the following is NOT an economic characteristic of land?

The correct answer highlights a key distinction in understanding the economic characteristics of land. Immobility refers to the physical property of land; it cannot be moved from one location to another, making it a physical characteristic rather than an economic one.

In contrast, scarcity, value, and durability are all economic characteristics of land. Scarcity refers to the limited supply of land in desirable locations, which affects its market value and desirability. Value reflects the worth of the land in the marketplace, influenced by factors like location, utility, and demand. Durability refers to the lasting nature of land as a resource, indicating that it does not deteriorate or deplete in the same way many other goods do, thus affecting its economic longevity and usage potential.

Therefore, understanding the distinction between physical properties and economic characteristics is crucial when analyzing land in an economic context. This clarification reinforces why immobility, while fundamental to land itself, is not classified as an economic characteristic.