The term 'ARISTOCRACY' is often used to refer to the upper class and nobility. It is derived from the Greek word 'aristokratia' which means 'rule of the best'. ARISTOCRACY is a form of government in which power is held by a small group of people who are usually members of the same family or social class. This type of government is often seen as a form of oligarchy, where the wealthy and powerful have a disproportionate amount of influence over the rest of society.