Final answer:
The term for the minimum income level needed to meet basic life necessities is known as the poverty line, which is a measure used to assess economic hardship and varies widely based on geographic and social factors.
Step-by-step explanation:
The minimum level of income required to access basic necessities of life is termed as the poverty line. This measure often prompts many complex considerations, especially in a large and diverse country such as the United States, where the cost of living can vary dramatically between states. The poverty line typically takes into account income necessary for a basic standard of living, but it is important to note that it is based on cash income and does not include non-cash government assistance programs such as Medicaid, food aid, or federal housing assistance. Additionally, the concept of poverty is not just limited to the U.S., with the World Bank utilizing an international poverty line set at living on less than $1.90 or other specified amounts per day to assess global poverty levels.