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

Uniqueness is not considered an economic characteristic of land because it pertains more to the physical and legal attributes of a property rather than its economic implications. Economic characteristics focus on how land and its value are influenced by human demand, investment, and location.

Scarcity refers to the limited availability of land, which enhances its value. Permanence of investment speaks to the longevity of land as an investment, as it typically appreciates over time and does not easily depreciate. Area preference, also known as situs, emphasizes how location influences the desirability and value of land based on factors like amenities, accessibility, and market trends.

In contrast, uniqueness highlights the individuality of each parcel of land; no two pieces of land are identical, but this characteristic does not directly affect how land is valued economically in the same way scarcity, permanence of investment, or area preference does.