Final answer:
The term C. Wright Mills used to describe the small group of wealthy and influential individuals who hold the power and resources to shape policy for their own benefit is the Power Elite.
Step-by-step explanation:
The term that C. Wright Mills used to describe the small group of wealthy and influential individuals who hold the power and resources to shape policy for their own benefit is the Power Elite.
In his book The Power Elite, Mills argued that government is controlled by a combination of business, military, and political elites. These elites use their power to control the nation's economy and make decisions that favor themselves. This concept is similar to the idea of a Plutocracy or Oligarchy, where a small group of wealthy individuals has significant influence over policy.