Technically you can assign any page you create to become your "static" front page but the K2 Lite theme is hardcoded to have "blog" as a front or "home" page. And in a blog only one page will automatically update with each new post you make.
Although it's very "trendy" right now to have a static front page that some people are calling a "landing page" doing this has a downside.
(1) Your readers come to read your blog posts and repeat readers do not appreciate clicking through an introduction or a biography over and over again and again.
(2) I have noted that serious bloggers who have high page rankings do not have "static" front pages. They choose to have the blog posts that people want to read right up front when readers click into their site. And they ensure their navigation is set up so it's reader friendly. They are serious about their stats so everything that counts towards page rank is found on their front page.
(3) Your page rank assigned by Google is primarily calculated by what's on your front page. If you have zero posts, zero comments and zero links on your front page then there's nothing there that adds up to a page rank.