Or "a democracy" is just a word that means nothing.
Oh no, no, no. Democracy has a real meaning and we shouldn't let the politicians and opinon leaders force us to go along with their double speak.
Not any more. Now it just means that the public is involved in the selection of the ruling class, but the degree of this involvement is largely symbolic - see the US case with only 2 viable choices and the widespread gerrymandering.
Kings and "Nobility" were a ruling class, but we wouldn't accept them anymore. Elected (or not) "representatives" and a bunch of central bankers are another, but they're just fine.
That sounds good and all, but something a lot of people forget is you don't need to elect a third party for them to make a difference. Third party votes represent a block of voters ripe for cherry picking if one of the two major parties is willing to take a stand on issues that are important to third party voters.