The role of serfdom in medieval Europe was central to the agrarian economy, where serfs worked the lands owned by nobles in exchange for protection and a place to live. This system was characterized by a lack of personal freedom, with serfs bound to their lord's estate, obligated to work and pay rent. Serfdom shaped social hierarchies and labor relations, significantly influencing economic structures during the Middle Ages, though it began to decline with the rise of feudalism's challenges.