What term describes a government ruled by a small number of powerful individuals?

The term that describes a government ruled by a small number of powerful individuals is "oligarchy." In an oligarchy, the ruling power is concentrated in the hands of a few individuals, often distinguished by wealth, social status, military control, or political influence. This contrasts with a democracy, where power is derived from the populace and typically involves broader participation in governance. A monarchy, on the other hand, usually refers to a system where a single monarch (king or queen) holds power, often justified by hereditary succession. Anarchy denotes a state of society without a governing body or authority, which is fundamentally different from any structured form of government. Oligarchy highlights the idea of limited governance by elite groups, making it the correct choice for this question.