Government that is ruled by the people through elected representatives is called a democracy.
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in a republic elected representatives make laws diredt rule people make them
Popular Sovereignty is a government in which the common people rule.
The rule of law requires citizens of all classes to follow the laws passed by elected leader.
Most of the time, the American democratic republic system of government is a modification of the golden rule: "who ever has the gold makes the rules". The money needed to get elected, the effect of lobbyists, the power of big companies often rule the government of the USA and money does impact how people are elected and how the USA is run.
The rule of law requires citizens of all classes to follow the laws passed by elected leaders.