Final answer:
The term for the perception of feeling less well off when compared to others is relative deprivation, which indicates a subjective sense of lacking what is considered normal in society, differing from absolute poverty and subjective poverty.
Step-by-step explanation:
The perception that one is less well off than others with whom one compares oneself is referred to as relative deprivation. This term describes a feeling of being deprived of something considered to be a standard in the society in which one lives. It is distinct from absolute poverty, which relates to lacking even the basic necessities of life, and subjective poverty, where the assessment of poverty status is based on an individual's or a family's own perception of their economic standing.
Relative poverty reflects an inability to maintain an average standard of living despite having access to basic necessities. This might ring true for someone who can afford basic living costs but struggles to match their society's lifestyle, while socioeconomic status (SES) is a broader measure that includes an individual's level of wealth, power, and prestige. On the other hand, social inequality concerns the disparities in wealth, power, and privilege among different groups in society, often leading to social exclusion or discrimination.