Final answer:
Guilds were powerful associations that regulated economic activities in towns, determined labor conditions, such as apprenticeship terms, and were involved in public works and civic responsibilities. They had the exclusive right to practice their crafts and wielded political influence through rights such as being taxed only by bodies where they had representation.
Step-by-step explanation:
The Guilds held a significant position in medieval and early modern towns, particularly influencing economic and social structures. Guilds were confederations or associations of artisans and merchants who oversaw the practice of their craft in a particular town. One of their primary rights included the exclusive privilege to practice and conduct business within a certain domain. Furthermore, guilds could also influence labor conditions by adjusting apprenticeship durations to respond to labor demands or setting rules that allowed only descendants of current masters to advance to the level of master craftsmen. Moreover, guilds played a key role in civic responsibilities, illustrated by the cloth merchant's guild commissioning public works such as the doors for the Florence Baptistery, which showcases their power within the city. Guilds also enjoyed taxation rights, being taxed only by elected bodies where they were represented, a significant aspect of their political influence.