Oligarchy is a term deriving from the Greek words 'ὀλίγος', meaning "few", and 'ἄρχω', meaning "rule". Broadly speaking, it refers to a situation in which political power resides in a particular minority group, as opposed to a single individual or a broader base. This label applies irrespective of the type of group wielding political power, for which there are more specific terms; "oligarchy" thus covers a rather wide range of possible political arrangements.