<P> A monarchy is where a family or group of families (rarely another type of group), called the royalty, represents national identity, with power traditionally assigned to one of its individuals, called the monarch, who mostly rule kingdoms . The actual role of the monarch and other members of royalty varies from purely symbolical (crowned republic) to partial and restricted (constitutional monarchy) to completely despotic (absolute monarchy). Traditionally and in most cases, the post of the monarch is inherited, but there are also elective monarchies where the monarch is elected . </P> <P> Aristocracy (Greek ἀριστοκρατία aristokratía, from ἄριστος aristos "excellent", and κράτος kratos "power") is a form of government that places power in the hands of a small, privileged ruling class . </P> <P> Many monarchies were aristocracies, although in modern constitutional monarchies the monarch himself or herself has little real power . The term "Aristocracy" could also refer to the non-peasant, non-servant, and non-city classes in the Feudal system . </P> <P> An oligarchy is ruled by a small group of segregated, powerful or influential people who usually share similar interests or family relations . These people may spread power and elect candidates equally or not equally . An oligarchy is different from a true democracy because very few people are given the chance to change things . An oligarchy does not have to be hereditary or monarchic . An oligarchy does not have one clear ruler but several rulers . </P>

Explain the meaning of business government and society