Final answer:
The term for the inability to achieve a comfortable standard of living due to lack of resources is relative poverty. It differs from absolute poverty, wherein people lack basic necessities and from extreme poverty, as found in underdeveloped countries where individuals live on less than $1.90 per day.
Step-by-step explanation:
The term for the lack of resources to achieve a reasonably comfortable standard of living is relative poverty. Relative poverty is the state where an individual can afford basic needs but cannot attain the standard of living that is considered average within their society. In contrast, absolute poverty is a condition where a person cannot afford even the most basic necessities such as adequate food, clean water, safe housing, and access to healthcare. An example of the stark reality of scarcity of resources is visible through the plight of homeless people.
During economic downturns, such as a recession, individuals may lose their jobs and struggle to find new employment, which can lead to a reduction in income and potentially push them into a state of relative poverty. The United States primarily sees relative poverty, differing from the extreme poverty witnessed in undeveloped countries, which involves living on less than $1.90 per day.