Final answer:
A guild is an association of people organized by occupation that enforces professional standards and supports its members, similar to modern trade unions.
Step-by-step explanation:
A guild is an association of people who are organized by occupation, typically in the fields of trade or crafts. Guilds played a significant role in the economic and social structure of past societies, particularly during the Middle Ages. They were responsible for setting professional standards, controlling trade practices, and providing support to their members. These guilds often had a considerable influence on both the quality of goods produced and on market conditions. In certain professions such as theater, guilds also give legal representation, negotiate contracts, wages, and benefits for their members. They are akin to modern-day trade unions or professional associations that regulate and support practitioners within a specific field of work.