The medieval economy, spanning roughly from the 5th to the late 15th century, was primarily agrarian. Most people lived in rural areas and worked as farmers, growing crops like wheat and barley. The feudal system structured society, with lords owning land and serfs working it in exchange for protection and a place to live. Trade existed but was limited, often conducted through local markets. As towns grew, a more complex economy emerged. Guilds formed to regulate trades and crafts, ensuring quality and fair practices. Merchants began to travel longer distances, facilitating trade in goods like spices and textiles, which contributed to the rise of a more interconnected economy.