WORLD HISTORY

Detailed explanation-1: -Guilds performed charitable work, not only among the poor and indigent among their own members but among the community at large. Guilds also built and maintained residences, called guildhalls, in which the membership would hold banquets and conduct official business.

Detailed explanation-2: -Guilds helped more than just their members. They had numerous rules that helped to keep the quality of work and pricing consistent. This helped consumers to know they were getting a good product at the correct price.

Detailed explanation-3: -Answer: Guilds were influential producers’ unions that educated craftsmen, retained output control, regulated competition and prices, and limited the introduction of new people into the trade. The monopoly right to manufacture and trade in particular goods was given to them by the rulers.

Detailed explanation-4: -Definition. Guilds of merchants and craft workers were formed in medieval Europe so that their members could benefit from mutual aid. Guilds ensured production standards were maintained and that competition was reduced. In addition, by members acting collectively, guilds achieved political influence.

Detailed explanation-5: -A guild (/ɡɪld/ GILD) is an association of artisans and merchants who oversee the practice of their craft/trade in a particular territory. The earliest types of guild formed as organizations of tradespeople belonging to a professional association.