The coordinates of the point that lies on both axes are given by $(0, 0)$.

In mathematics, the point that lies on both the x-axis and the y-axis is referred to as the origin. The origin marks the intersection of the horizontal axis (the x-axis) and the vertical axis (the y-axis). It is represented by the coordinates $(0, 0)$, indicating that it is zero units away from both axes.

To comprehend why $(0, 0)$ is the only point that lies on both axes, we can examine the definitions of the x-axis and y-axis. The x-axis is defined as the line where the y-coordinate is always zero; therefore, any point on the x-axis has coordinates of the form $(x, 0)$. Conversely, the y-axis is defined as the line where the x-coordinate is always zero, which means any point on the y-axis has coordinates of the form $(0, y)$. The only point that satisfies both of these conditions simultaneously is $(0, 0)$.

Visualizing this in a graph can be beneficial. Picture a standard Cartesian coordinate system, where horizontal and vertical lines intersect at the center. The point at which these lines cross is the origin, and it is the sole point that belongs to both the x-axis and the y-axis. This unique characteristic makes the origin a fundamental reference point in coordinate geometry, commonly used as a starting point for plotting other points and analyzing their positions in relation to the axes.