1. FOUR IMPORTANT DEFINITIONS: #1 Medieval: Relating to the Middle Ages. The Middle Ages are often dated from the fall of the Roman Empire in the 5th century C.E. to the beginning of the Renaissance in the 15th century. LESSON 16 – BUSINESS IN THE MIDDLE AGES: WORKING IN A GUILD FOCUS MIDDLE SCHOOL WORLD HISTORY © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY

2. FOUR IMPORTANT DEFINITIONS: #2 Guild: A business group formed by workers in the same occupation to promote their interests. Guilds were common in medieval Europe between the 11th and 16th centuries. Carpenters, weavers, painters, goldsmiths, hat makers, and many other types of workers formed guilds. LESSON 16 – BUSINESS IN THE MIDDLE AGES: WORKING IN A GUILD FOCUS MIDDLE SCHOOL WORLD HISTORY © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY

3. FOUR IMPORTANT DEFINITIONS # 3 Specialization: A situation where people produce a narrower range of goods and services than they consume. Guilds involved specialization, since guild workers only produced one type of product. Specialization allows people to increase their productivity. LESSON 16 – BUSINESS IN THE MIDDLE AGES: WORKING IN A GUILD FOCUS MIDDLE SCHOOL WORLD HISTORY © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY

4. FOUR IMPORTANT DEFINITIONS # 4 Productivity: The productivity of a worker refers to the output for a worker in a certain time period, such as an hour or a day. LESSON 16 – BUSINESS IN THE MIDDLE AGES: WORKING IN A GUILD FOCUS MIDDLE SCHOOL WORLD HISTORY © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY

5. HOW GUILDS WERE ORGANIZED: Apprentices An apprentice was a young person (most often male) who worked for a guild master while learning a trade. Apprentices often began at age 12 and were given room and board at the master’s house, but earned no money. Apprenticeships could last for 2–7 (or more) years. LESSON 16 – BUSINESS IN THE MIDDLE AGES: WORKING IN A GUILD FOCUS MIDDLE SCHOOL WORLD HISTORY © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY

6. HOW GUILDS WERE ORGANIZED: Journeymen After finishing the apprenticeship, the worker could become a journeyman. Journeymen, or day laborers, were paid wages by the day while working in the trade. LESSON 16 – BUSINESS IN THE MIDDLE AGES: WORKING IN A GUILD FOCUS MIDDLE SCHOOL WORLD HISTORY © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY

7. HOW GUILDS WERE ORGANIZED: Masters A master (or master craftsman) was a full member of the guild and could start his own business. To become a master and a full member of the guild, journeymen sometimes had to produce a “masterpiece” in their trade. If the masterpiece was accepted by the guild members, they could vote to accept the journeyman as a master in the guild. It was an honor to be a guild member. Some masters were chosen to be inspectors to make sure that other guild members’ products were of a high standard or quality. LESSON 16 – BUSINESS IN THE MIDDLE AGES: WORKING IN A GUILD FOCUS MIDDLE SCHOOL WORLD HISTORY © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY

8. SOME PURPOSES OF GUILDS Provided training for apprentices to learn to make the product. Provided day labor and wages for journeymen. Set standards for the quality of the goods produced. Established a monopoly and restricted competition in the trade occupation. - A monopoly is when there is only one seller of a product. If a guild had a monopoly, it could set a higher price than it could with competition. LESSON 16 – BUSINESS IN THE MIDDLE AGES: WORKING IN A GUILD FOCUS MIDDLE SCHOOL WORLD HISTORY © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY

9. SOME PURPOSES OF GUILDS Gained influence over local governments to be able to promote the interests of the guild members. Provided for the families of guild members in case of illness or death. Encouraged religious living following Christian practices. LESSON 16 – BUSINESS IN THE MIDDLE AGES: WORKING IN A GUILD FOCUS MIDDLE SCHOOL WORLD HISTORY © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY