This means that pip being bundled by default—one of Python 3.4 coolest features—is missing. Trying to create a virtualenv using the bundled virtualenv module fails as well. Big mess.[2]
[1] https://launchpad.net/ubuntu/+source/python3.4/3.4.0-2ubuntu...
[2] https://bugs.launchpad.net/ubuntu/+source/python3.4/+bug/129...