agency
A2CEFR level
10/100Rarity: common
TechnicalRegister
Law noun
A relationship where one person acts on another's behalf.
The dealer acted under an agency agreement with the maker.
Business noun
The relationship in which one party acts on another's behalf, giving rise to conflicts governance seeks to control.
Aligning pay with performance is meant to curb the agency problem between managers and owners.
Rarity runs from 0 (a word everyone knows) to 100 (almost never seen outside specialist or literary writing). Level is the word's real difficulty on the CEFR scale, from A1 to C2.
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