Economic Practices

Definition

Economic practices refer to the methods, systems, and activities that individuals and societies engage in to produce, distribute, and consume goods and services. In the context of Europe during the period 1200-1450, economic practices encompassed various aspects such as agriculture, trade, labor systems, monetary systems, and commercial activities.

Related terms

Manorial System: An economic system prevalent in medieval Europe where peasants worked on manors owned by lords in exchange for protection and portions of crops.

Guilds: Associations or organizations formed by merchants or artisans who shared similar trades or skills. They regulated production standards, prices, and protected their members' interests.

Commercial Revolution: A period in European history (from around 11th century to 14th century) marked by increased long-distance trade networks between Europe and other regions such as Asia through routes like the Silk Road.