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Mongols - Essay Example

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In every business transactions, there is the exchange of commodities either in terms of money or other commodities as experienced in the batter trade. For the trade to occur, goods must move from areas of production where surplus is high, and demand is low to areas where there…
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Mongols 11th June In every business transactions, there is the exchange of commodities either in terms of money or other commodities as experienced in the batter trade. For the trade to occur, goods must move from areas of production where surplus is high, and demand is low to areas where there is high demand of the commodity (Epstein & Prak, 2008). Practically, prices of a commodity are determined by the levels of demand and supply (Epstein & Prak, 2008). When demand is high, the price of the commodity will be high and if the demand falls, then the prices goes down.
Commodities are sometimes moved from far distances such as from one nation to another or from one country to another. For goods to fetch better prices in case of there is a low demand for the product, traders usually venture into some organizations that would help them make a sale. First, traders usually form cartels that will enable them create a monopolistic nature of the market (Rashdall, 1895, p. 150). This action will enable them to be the only stake holders in the market and any buyer can only get the commodity from them. Secondly, traders in the cartel group can easily get the support of the government when they want to remain relevant in the market, they do use the influence of the government so that they can get protection since they are able to show good skills and professionalism. Professionalism arises from apprentice where fellows are taught the skills through learning. Skills mainly consist of curving products from precious metals such as gold.
In this venture, having a religious back up was previously considered to be very important as most of the countries were governed by laws relating to a particular religious groups. Religion still remains important today especially if the commodities are consumed by the state that holds a strong religious belief such as the Arab world, the Latin America and the Asians who majority lag behind a particular religion (Richardson, 2001, p. 213). This may not be the case to other countries who do not value religion as they allow freedom of worship. Having support from the religious group means a success in your business.
References
Epstein, R., & Prak, M. (2008). Guilds, Innovation and the European Economy,. Cambridge University Press.
Rashdall, H. (1895). The Universities of Europe in the Middle Ages. Paris: Salerno. Bologna.
Richardson, G. (2001). A Tale of Two Theories: Monopolies and Craft Guilds in Medieval England and Modern Imagination. Journal of the History of Economic Thought. Read More
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