Final answer:
An oligarchy is a form of government in which political power is held by a small, elite group, and is characterized by limited opportunities for the broader population to participate in political processes.
Step-by-step explanation:
The form of government where a small group of elite people hold political power is known as an oligarchy. In an oligarchy, power is concentrated in the hands of a few individuals who may be distinguished by royalty, wealth, family ties, military control, or religious hegemony. This contrasts with other forms of government such as democracies, where power is more broadly distributed among the citizenry, and monarchies, where one ruler typically holds power. Countries like Cuba and China demonstrate oligarchic traits because political power is limited to the members of the Communist Party. In these countries, only party members can vote or hold office, and key government decisions are made by a small, elite fraction of the population. Unlike a democracy, an oligarchy does not provide an opportunity for the general populace to participate in the political process to the same extent, which often leads to a lack of representation for different segments of society.