Which term refers to policies that empower individuals to manage economic risks?

The correct term that refers to policies empowering individuals to manage economic risks is social protection. Social protection comprises a set of policies and programs designed to reduce poverty and vulnerability by promoting efficient labor markets, diminishing people's exposure to risks, and enhancing their capacity to manage economic shocks.

These policies can include social insurance programs, such as unemployment benefits or pensions, and social assistance programs aimed at providing support to the most marginalized. By mitigating risks, social protection enables individuals to maintain a certain level of well-being, leading to greater stability in their economic status and improved resilience against financial challenges.

Supply chain management primarily focuses on the flow of goods and services, ensuring efficiency in the purchasing and logistics processes but does not specifically target individual financial empowerment. Social advocacy is more about promoting social change and justice rather than dealing directly with economic risks at the individual level. Sourcing strategies are related to procurement processes, emphasizing how organizations select suppliers and negotiate terms, which again does not directly relate to managing individual economic risks.