Meritocracy is a system where individuals are selected, promoted, and rewarded based on their abilities, talents, and achievements. In this model, decision-making power and resources are allocated to those who are deemed most competent, irrespective of their social or economic backgrounds. Meritocracy encourages excellence and personal growth, as individuals are motivated to improve their skills in order to gain recognition and rewards. The system is often considered fair because it focuses on individual performance rather than external factors.