What does the term "monarchy" refer to in governance?

The term "monarchy" specifically refers to a form of governance where a single individual, known as a monarch, serves as the head of state. This monarch typically inherits their position and often holds significant ceremonial or executive powers. Monarchies can vary in structure, with some being absolute, where the monarch has almost complete control, and others being constitutional, where their powers are limited by law and a constitution.

This definition captures the essence of monarchy as a system centered around a single ruler, distinguishing it clearly from other forms of government such as representative democracies or military regimes, which focus on collective leadership or power held by military officials.