What governance principle is based on the notion that power rests with the people?

The principle of governance that asserts power rests with the people is democracy. In a democratic system, citizens have the right to participate in decision-making, typically through voting for elected representatives who make policies on their behalf. This involves not only the act of voting but also engages the populace in discussions about governance, rights, and responsibilities, ensuring that the government reflects the will of the people.

The concept of democracy is rooted in the belief in individual freedom and equality, emphasizing that all members of society have a voice and a stake in the governance process. This is in contrast to systems like oligarchy, where power is concentrated in the hands of a few; monarchy, where power is typically inherited and centralized in a single ruler or royal family; and technocracy, which emphasizes decision-making by experts or technical professionals rather than the populace as a whole.