What term describes a situation where income is barely sufficient for survival?

The term that describes a situation where income is barely sufficient for survival is absolute poverty. This concept is defined by the inability to meet basic needs such as food, shelter, and clothing, which is crucial for sustaining life. Absolute poverty exists when individuals or families cannot secure enough resources to maintain a minimum standard of living necessary to survive.

This contrasts with other terms such as relative poverty, which refers to a situation where income levels are significantly lower than the average within a society, impacting the ability to participate in everyday activities. Extreme income inequality focuses on the disparity of income distribution across different segments of the population, rather than the income sufficiency for survival. Lastly, substandard living conditions refer to the quality of living environments being below acceptable levels, which may contribute to poverty but does not specifically denote the income aspect.

In summary, the correct answer highlights a critical aspect of economic hardship, emphasizing the essential nature of income sufficiency for survival.