What three factors represent the economic characteristics of land?

The correct factors that represent the economic characteristics of land are scarcity, improvements, and permanence of investment.

Scarcity refers to the limited availability of land, which enhances its value. Because land is a finite resource, the demand for it can significantly impact its price.

Improvements relate to enhancements made to the land, such as buildings, infrastructure, or other developments that increase its utility and value. These improvements can change how land is perceived economically and influence its potential for generating income or return on investment.

Permanence of investment speaks to the durability and long-term nature of these improvements. They represent a significant investment that cannot easily be reversed, which impacts both the land's valuation and how it can be used economically in the future.

This understanding is essential for real estate professionals as it helps assess land value and investment potential in various contexts, including buying, selling, and developing property.