What term describes the characteristics of land that give it value?

The term that describes the characteristics of land that give it value is 'Economic Characteristics.' This concept refers to attributes that affect how land is valued in terms of its capacity to generate income, its use in production, and its overall desirability in the marketplace.

Economic characteristics include factors such as scarcity, transferability, utility, and demand. These attributes help determine how much potential buyers are willing to pay for a piece of land—these economic factors, combined with the supply and demand dynamics of the real estate market, influence property values significantly.

For instance, if a piece of land is located in a growing area with high demand and limited supply, its economic value will increase. This is distinct from the other options, which focus on different aspects of land. Legal characteristics pertain to the rights and regulations affecting the property, physical characteristics reference the intrinsic qualities of the land itself, such as topography and soil type, while intrinsic characteristics would relate to the inherent properties of the land rather than its economic potential.