apprentice, journeyman, master
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The steps to becoming a master in a guild started with apprenticeship, working for a guild master for a number of years in exchange for food, a place to sleep, and education. The next step was to be a journeyman, working at the trade for a number of years, usually as a paid employee of a different master. Finally, the journeyman prepared a "masterpiece," which was designed to show off his skill. The masterpiece was judge by a jury of masters of the guild, and if they agreed that it showed mastery, then the journeyman would be a master.
They traded goods like food, raw materials, and luxuries with foreign countries by traveling by ships and other transportation systems while the peasants worked on their fields and when the lords and ladies feasted and did their other tasks.
Universities were not called guilds, but they functioned very much as guilds did. The undergraduate education in the universities was very like the journeyman stage of becoming a guild member, and the post graduate work leading to the master's degree was very like the production of a master work for the guilds. The structure of the university was quite possibly modeled on crafts guilds. Some guilds even had a higher level of membership than master, which was analogous to a doctorate.
The most important significant changes dealt with materials.