Peasantry refers to the social class of rural laborers, typically engaged in agriculture, who lived under the feudal system in medieval Europe. This class was primarily composed of serfs and free peasants who worked the land owned by lords and provided agricultural produce in exchange for protection and rights to work the land. The peasantry played a crucial role in the economy and society of medieval Europe, often bearing the burdens of taxes and labor while also forming the backbone of the agricultural sector.