Which of the following best describes 'fixity' as an economic characteristic of land?

Fixity, as an economic characteristic of land, refers to the permanence of land location. This concept emphasizes that land is immovable, meaning its position on the Earth's surface cannot change. Because land is fixed in one location, its value is influenced by factors such as proximity to urban areas, transportation, and amenities, which remain constant over time.

In real estate, this characteristic plays a critical role in investment decisions and market behaviors, as land does not relocate. Other factors influencing land value, such as potential appreciation, development possibilities, or resource scarcity, stem from the fundamental fixed nature of land. Understanding fixity is crucial for anyone studying real estate, as it establishes the baseline for how land is perceived in terms of economic value and potential use.