What are the core elements of an AWS IAM policy statement and what is each element’s purpose?
Principal: Identifies the principals that the statement applies to, most importantly and commonly an AWS IAM principal.

Effect: whether to Allow or Deny access if the statement applies; Deny always wins when multiple statements apply.

Action: one or more AWS API actions the statement will Allow or Deny the Principal to invoke as a string or list of strings. Supports wildcards, ? and *.

Resource: one or more AWS resources the statement applies to, specified as ARNs. Supports wildcards, ? and *.

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