What belief asserts that ultimate power is held by the people?

The belief that ultimate power is held by the people is known as popular sovereignty. This concept forms the foundation of democratic governance, where the authority of the government is derived from the consent of the governed. In a system based on popular sovereignty, the people have the right to make decisions regarding their government and laws, often through mechanisms such as voting and public referendums.

This idea contrasts greatly with absolute monarchy, where power is held by a single ruler without the consent of the subjects. Federalism refers to a system of governance where power is divided between a central authority and smaller political units, such as states or provinces, rather than being directly dependent on the people's consent. Meritocracy is based on individual ability and talent as determinants of success, rather than the explicit connection to the people's power over government. Thus, popular sovereignty is key in establishing a democratic society where individuals have a direct impact on governance.