Final answer:
Absolute poverty is the inability to afford basic necessities essential for survival, contrasting relative poverty that considers societal standards. Option 4, a minimum level of subsistence that no family should live without, best defines absolute poverty.
Step-by-step explanation:
Absolute poverty refers to a condition where individuals or families are unable to afford the most basic necessities of life, such as food, clean water, safe housing, and access to healthcare. These necessities are essential for survival, and without them, day-to-day life is put in jeopardy, unlike relative poverty, which is defined by the standard of living compared to the society's average. The World Bank defines absolute poverty as surviving on less than $1.90 a day, demonstrating the severity of deprivation that is characterized by the inability to meet even the most minimal standards for a decent life.
The final answer in two line explanation in 200 words for the provided question would be: Absolute poverty refers to a level of deprivation where individuals or families cannot afford basic necessities for survival, which puts their day-to-day existence at risk. It is not just about low income, but about the lack of capability to live a minimally acceptable life. Considering the given options, the most accurate interpretation of absolute poverty is option 4: a minimum level of subsistence that no family should be expected to live without.