What were trade guilds? Explain in three points.
Answers
Answer:
Guilds were powerful associations of producers that trained craftspeople, maintained control over production, regulated competition and prices, and restricted the entry of new people into the trade. They had been granted the monopoly right to produce and trade in specific products by the rulers.
Explanation:
Trade guilds were powerful associations of producers that;
(i) trained craftspeople.
(ii) maintained over production.
(iii)regulated competition and prices.
(iv)restricted the entry of new people into the trade.
Answer:
(i) Trade guilds were associations of producers that trained craft people, maintained control over production, regulated competition and prices. (ii)They enjoyed monopoly rights to produce and trade in specific products. (iii) They also had the right to restrict the entry of new producers into the trade.