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Q.

Associations of  [[1]] trained craftspeople, maintained control over production, regulated competition and prices, and restricted the entry of new people into the trade.


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Detailed Solution

Associations of Producers trained craftspeople, maintained control over production, regulated competition and prices, and restricted the entry of new people into the trade. Such associations of producers or merchants were called guilds. And they were very powerful in recent times and in ancient times. In ancient times they issued their currencies and made their own decisions in the economy, and those decisions even the king had to follow. These guilds were so powerful that if they made a rule, then it had to be followed by everyone.
 
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