During the Medieval Times, merchants were just as important and wealthy as the lords and nobles. The way they would go about their wealth was getting an education to learn how to think, count, information about the world, interest rates, exchange rates, and many more information that relates to dealing with money and trade. Education has always been important to create opportunities to have successful jobs and it was interesting to read that in Medieval Times education was considered more of a hobby, but to be a merchant it became less of a hobby and more of an opportunity to be well-educated people and gave them a chance to be successful business men.
Merchants were big contributors to their countries’ economy. They would buy raw materials, have several weavers and craftsmen make products out of the raw materials, and then sell it to people. They would tax all of the goods they sold and give that money to the owners of the land on which they were selling their goods. The idea merchants had, had been to find land where there was a lot of trade. Italy was a country benefited for trading because there are many countries surrounding it. They would wait until a certain product was in a higher demand to raise the price of the supply, making a great profit off of it. Merchants had many tactics to make good money off of their goods.
People who were skilled in a certain craft formed Merchant Guilds. Guilds were members of an association of merchants that made rules to maintain standards to protect the interest of its members. A big reason on why these guilds were formed is because competition would form between the craftsmen that were working on the same craft. Some would lower the prices on their goods to sell more of their products. They would also lower the quality of their products so that it was easier for the craftsmen to make more of them. To avoid the competition between craftsmen and merchants, guilds established a set of strict rules that everyone was required to follow. The rules consisted of wages, prices, and the quality of their products.
Guilds also included the Master’s apprentices and the...