Final answer:
The economic characteristics of land include scarcity, location, and durability. These attributes affect land's value and use in the production of goods and services, as well as influence the site location analysis for industrial and agricultural purposes.
Step-by-step explanation:
The economic characteristics of land include a set of unique attributes that affect its value and use in economic activities. These characteristics recognize land as a foundational factor of production which provides natural resources necessary for the creation of goods and services. When discussing these characteristics, three primary attributes stand out:
- Scarcity: Natural resources found on land are not limitless and therefore their limited nature impacts economic decisions and contributes to their value.
- Location: The geographic placement of land affects its economic potential, influencing costs of transportation for goods and resources, the profitability of businesses, and the suitability for various economic activities such as agriculture, manufacturing, and services.
- Durability: Unlike other factors of production, land is long-lasting and its inherent value does not diminish through time, making it a unique economic asset.
The correct answer reflecting these attributes is Option C: scarcity, location, durability. These attributes affect the location of different types of economic activities and play a vital role in site location analysis for new industries, impacting both the character of a place and its economic activities.